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

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) 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 trading hands.

Analyst Ratings Changes

ACHR has been the topic of several research analyst reports. Canaccord Genuity Group reduced their price target on shares of Archer Aviation from $14.00 to $13.00 and set a "buy" rating on the stock in a research report on Wednesday. Cantor Fitzgerald boosted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. HC Wainwright reiterated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Needham & Company LLC restated a "buy" rating and issued a $11.00 price objective on shares of Archer Aviation in a report on Thursday, January 16th. Finally, JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their price objective for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $11.25.

Archer Aviation Trading Up 8.5 %

The stock's fifty day simple moving average is $9.35 and its two-hundred day simple moving average is $5.81. 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 $4.39 billion, a PE ratio of -7.82 and a beta of 3.13.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction that occurred 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 transaction, the chief technology officer now owns 1,070,360 shares in the company, valued at $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tosha Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares in the company, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. Corporate insiders own 9.75% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ACHR. ARK Investment Management LLC raised its position in Archer Aviation by 27.1% in 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 period. Renaissance Technologies LLC bought a new position in Archer Aviation in the fourth quarter worth approximately $42,709,000. Vanguard Group Inc. raised its position in Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after acquiring an additional 2,908,859 shares during the period. HBK Investments L P bought a new position in Archer Aviation in the third quarter worth approximately $6,818,000. Finally, Ghisallo Capital Management LLC raised its position in shares of Archer Aviation by 170.7% during the 4th quarter. Ghisallo Capital Management LLC now owns 2,706,760 shares of the company's stock valued at $26,391,000 after purchasing an additional 1,706,760 shares during the period. 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.