Archer Aviation (NYSE:ACHR) Shares Gap Down – Time to Sell?

Shares of Archer Aviation Inc. (NYSE:ACHR) gapped down before the market opened on Thursday . The stock had previously closed at $7.39, but opened at $7.00. Archer Aviation shares last traded at $7.03, with a volume of 17,486,678 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research report on Friday. HC Wainwright assumed coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.25.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of -6.36 and a beta of 3.19. The stock has a 50 day moving average price of $4.89 and a two-hundred day moving average price of $4.09.

Archer Aviation (NYSE:ACHR) last released its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the business earned ($0.19) earnings per share. As a group, analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In related news, CEO Adam D. Goldstein purchased 19,762 shares of Archer Aviation stock in a transaction on Thursday, November 21st. The shares were bought at an average price of $5.12 per share, with a total value of $101,181.44. Following the transaction, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. This trade represents a 0.99 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Thomas Paul Muniz sold 438,428 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total value of $3,327,668.52. Following the transaction, the chief technology officer now directly owns 1,170,360 shares of the company’s stock, valued at approximately $8,883,032.40. This represents a 27.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 776,791 shares of company stock valued at $5,139,699 and have sold 1,571,386 shares valued at $9,236,577. 9.75% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in Archer Aviation by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock valued at $321,000 after buying an additional 5,611 shares during the last quarter. Cetera Advisors LLC acquired a new stake in shares of Archer Aviation during the 1st quarter worth about $80,000. CWM LLC lifted its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the last quarter. Raymond James & Associates boosted its holdings in Archer Aviation by 44.4% in the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after purchasing an additional 192,120 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in Archer Aviation by 40.9% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 46,058 shares of the company’s stock valued at $162,000 after purchasing an additional 13,377 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Company Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.