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

Archer Aviation Inc. (NYSE:ACHR)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $8.23, but opened at $8.68. Archer Aviation shares last traded at $8.70, with a volume of 5,423,384 shares.

Analyst Ratings Changes

Several research firms have commented on ACHR. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $6.00 to $9.00 in a research report on Friday. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. Needham & Company LLC started coverage on Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price for the company. Cantor Fitzgerald lifted their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Trading Up 3.2 %

The company’s 50-day moving average price is $7.75 and its 200 day moving average price is $5.08. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock has a market cap of $3.61 billion, a PE ratio of -6.43 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter last year, the firm earned ($0.19) EPS. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, Director Deborah Diaz acquired 5,150 shares of the stock in a transaction on Monday, November 25th. The shares were bought at an average cost of $7.48 per share, with a total value of $38,522.00. Following the transaction, the director now owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors have recently bought and sold shares of ACHR. Hollencrest Capital Management boosted its stake in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares in the last quarter. Townsquare Capital LLC raised its holdings in Archer Aviation by 25.6% in the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after acquiring an additional 3,033 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Archer Aviation by 29.9% in the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after acquiring an additional 3,339 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after purchasing an additional 3,341 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in Archer Aviation by 74.3% during the fourth quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock worth $78,000 after buying an additional 3,430 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

About Archer Aviation

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.