Archer Aviation (NYSE:ACHR) Shares Gap Down – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $7.92, but opened at $6.74. Archer Aviation shares last traded at $8.10, with a volume of 11,914,359 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Cantor Fitzgerald boosted their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. HC Wainwright reissued a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Friday. Finally, Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Stock Performance

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average price of $9.60 and a 200-day moving average price of $6.20. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of -6.72 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. On average, analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total value of $1,915,130.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $9.00, for a total transaction of $450,000.00. Following the sale, the chief technology officer now directly owns 1,120,360 shares in the company, valued at approximately $10,083,240. This represents a 4.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,057,729 shares of company stock worth $8,473,770 over the last 90 days. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently bought and sold shares of the company. Miller Wealth Advisors LLC acquired a new stake in Archer Aviation in the third quarter valued at $26,000. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation in the 4th quarter worth about $27,000. Conquis Financial LLC acquired a new stake in Archer Aviation in the 4th quarter valued at about $29,000. Harbour Investments Inc. increased its holdings in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares in the last quarter. Finally, Oarsman Capital Inc. raised its position in Archer Aviation by 471.7% during the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after acquiring an additional 2,547 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.