Archer Aviation (NYSE:ACHR) Shares Gap Down – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $11.14, but opened at $10.68. Archer Aviation shares last traded at $10.66, with a volume of 6,038,640 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ACHR. HC Wainwright reiterated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. Needham & Company LLC began coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. Deutsche Bank Aktiengesellschaft boosted their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald raised their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Archer Aviation Stock Down 7.3 %

The firm has a market cap of $4.39 billion, a P/E ratio of -7.83 and a beta of 3.15. 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’s 50-day simple moving average is $7.25 and its 200 day simple moving average is $4.92.

Archer Aviation (NYSE:ACHR) last released its 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 in the prior year, the business posted ($0.19) EPS. As a group, research analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity

In other Archer Aviation news, CEO Adam D. Goldstein acquired 19,762 shares of Archer Aviation stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the acquisition, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. This represents a 0.99 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Deborah Diaz purchased 5,150 shares of the business’s stock in a transaction on Monday, November 25th. The shares were bought at an average price of $7.48 per share, with a total value of $38,522.00. Following the purchase, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. The trade was a 5.49 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 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 currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hollencrest Capital Management raised its holdings 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 purchasing an additional 3,000 shares during the last quarter. Townsquare Capital LLC increased its stake 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 buying an additional 3,033 shares during the last quarter. Tidal Investments LLC lifted its position in shares of Archer Aviation by 29.9% during the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after buying an additional 3,339 shares in the last quarter. Hsbc Holdings PLC boosted 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 worth $89,000 after buying an additional 3,341 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of Archer Aviation by 74.3% in the fourth quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock valued at $78,000 after acquiring an additional 3,430 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.