Archer Aviation (NYSE:ACHR) Shares Gap Down - Here's What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $6.20, but opened at $5.53. Archer Aviation shares last traded at $5.77, with a volume of 5,245,253 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ACHR. HC Wainwright reissued a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a report on Friday, February 28th. Canaccord Genuity Group raised their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a report on Friday, February 28th. Raymond James boosted their price target on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Finally, Cantor Fitzgerald boosted their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $11.61.

Archer Aviation Trading Up 0.2 %

The business's 50-day moving average is $8.16 and its two-hundred day moving average is $7.18. The stock has a market capitalization of $3.82 billion, a PE ratio of -5.33 and a beta of 3.16. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

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Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. On average, analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 49,273 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the sale, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Eric Lentell sold 43,230 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the transaction, the general counsel now owns 53,225 shares of the company's stock, valued at approximately $409,832.50. This represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 424,780 shares of company stock worth $3,158,081 in the last three months. Insiders own 9.75% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. ARK Investment Management LLC increased its stake in Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after acquiring an additional 6,371,647 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Archer Aviation by 21.4% during the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after purchasing an additional 2,908,859 shares during the period. Geode Capital Management LLC increased its position in Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock worth $56,908,000 after purchasing an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. raised its holdings in Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after buying an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Archer Aviation during the fourth quarter valued at approximately $42,709,000. Hedge funds and other institutional investors own 59.34% of the company's stock.

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.