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

Archer Aviation Inc. (NYSE:ACHR) shares gapped down before the market opened on Tuesday . The stock had previously closed at $10.20, but opened at $9.51. Archer Aviation shares last traded at $9.44, with a volume of 18,084,096 shares traded.

Analyst Ratings Changes

A number of brokerages have recently commented on ACHR. Deutsche Bank Aktiengesellschaft upped their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Archer Aviation in a research report on Thursday, January 16th. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright reiterated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Cantor Fitzgerald increased their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Stock Down 4.8 %

The firm has a fifty day moving average of $9.25 and a 200-day moving average of $5.76. 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 firm has a market cap of $4.13 billion, a P/E ratio of -7.33 and a beta of 3.13.

Insider Activity at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the transaction, the chief technology officer now directly owns 1,070,360 shares of the company’s stock, valued at $12,844,320. The trade was a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Deborah Diaz acquired 5,150 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was bought at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the transaction, the director now directly owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over 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. 9.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the company. Miller Wealth Advisors LLC acquired a new stake in shares of Archer Aviation in the third quarter valued at approximately $26,000. Harbour Investments Inc. lifted its position in shares of 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 during the period. GPS Wealth Strategies Group LLC grew its holdings in shares of Archer Aviation by 708.3% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock worth $33,000 after purchasing an additional 2,975 shares in the last quarter. Cyndeo Wealth Partners LLC bought a new position in shares of Archer Aviation in the third quarter worth $36,000. Finally, Narwhal Capital Management acquired a new position in Archer Aviation in the third quarter valued at about $40,000. Institutional investors own 59.34% of the company’s stock.

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.