Archer Aviation (NYSE:ACHR) Shares Gap Down – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) shares gapped down prior to trading on Monday . The stock had previously closed at $11.18, but opened at $10.62. Archer Aviation shares last traded at $9.89, with a volume of 13,344,184 shares trading hands.

Wall Street Analyst Weigh In

ACHR has been the subject of a number of recent analyst reports. Cantor Fitzgerald lifted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft increased 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. Needham & Company LLC began 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. Finally, HC Wainwright reissued a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Price Performance

The company has a 50-day moving average of $6.23 and a 200 day moving average of $4.56. 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 market capitalization of $4.22 billion, a PE ratio of -7.52 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter last year, the business posted ($0.19) EPS. Sell-side analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael Spellacy sold 191,513 shares of Archer Aviation stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. In the last quarter, insiders acquired 776,791 shares of company stock worth $5,139,699 and sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hollencrest Capital Management increased its position in Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares during the period. Townsquare Capital LLC raised its stake in shares of Archer Aviation by 25.6% during the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock worth $45,000 after purchasing an additional 3,033 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after purchasing an additional 3,339 shares during the period. Hsbc Holdings PLC increased its stake in 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 buying an additional 3,341 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its position in Archer Aviation by 13.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 37,820 shares of the company’s stock worth $115,000 after buying an additional 4,505 shares during 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.