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

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $9.45, but opened at $8.81. Archer Aviation shares last traded at $8.86, with a volume of 7,396,833 shares traded.

Analysts Set New Price Targets

ACHR has been the subject of several recent analyst reports. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research note on Friday, December 13th. HC Wainwright reiterated a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $11.00 price objective on shares of Archer Aviation in a research note on Thursday, January 16th. Two research 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 presently has an average rating of "Moderate Buy" and an average target price of $11.38.

Archer Aviation Stock Up 0.3 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm's 50-day moving average is $9.18 and its 200 day moving average is $5.64. The stock has a market cap of $3.90 billion, a price-to-earnings ratio of -6.94 and a beta of 3.14.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the business earned ($0.19) EPS. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, CEO Adam D. Goldstein sold 805,170 shares of the company's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Deborah Diaz bought 5,150 shares of the firm's stock in a transaction dated Monday, November 25th. The stock was purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the purchase, 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 position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Company insiders own 9.75% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC boosted its stake in Archer Aviation by 4.7% during the 4th quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock valued at $257,000 after acquiring an additional 1,246 shares during the last quarter. Amalgamated Bank boosted its stake in Archer Aviation by 50.7% during the 4th quarter. Amalgamated Bank now owns 7,961 shares of the company's stock valued at $78,000 after acquiring an additional 2,680 shares during the last quarter. GPS Wealth Strategies Group LLC boosted its stake in Archer Aviation by 708.3% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company's stock valued at $33,000 after acquiring an additional 2,975 shares during the last quarter. Townsquare Capital LLC boosted its stake in Archer Aviation by 25.6% during 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. Finally, PFG Investments LLC boosted its stake in Archer Aviation by 16.3% during the 4th quarter. PFG Investments LLC now owns 22,821 shares of the company's stock valued at $223,000 after acquiring an additional 3,192 shares during the last quarter. 59.34% of the stock is currently owned by 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.