Archer Aviation (NYSE:ACHR) Shares Gap Up - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $8.08, but opened at $8.81. Archer Aviation shares last traded at $9.38, with a volume of 17,175,953 shares traded.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Needham & Company LLC began coverage on Archer Aviation in a report on Tuesday, November 19th. They set a "buy" rating and a $11.00 target price on the stock. Benchmark reissued a "buy" rating and set a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. Finally, HC Wainwright assumed coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a "buy" rating and a $12.50 price target on the stock. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $9.33.

Archer Aviation Stock Performance

The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -7.27 and a beta of 2.29. The stock's fifty day simple moving average is $3.85 and its 200-day simple moving average is $3.77. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Remove Ads

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the firm earned ($0.19) EPS. Analysts predict that Archer Aviation Inc. will post -1.29 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Adam D. Goldstein sold 805,170 shares of the 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 transaction, the chief executive officer now directly owns 4,197,136 shares of the company's stock, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Deborah Diaz purchased 5,150 shares of the business's stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the purchase, the director now directly owns 98,886 shares in the company, valued at $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.75% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management boosted its stake in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company's stock worth $32,000 after purchasing an additional 3,000 shares during the period. Townsquare Capital LLC boosted its stake in shares of Archer Aviation by 25.6% during the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company's stock worth $45,000 after buying an additional 3,033 shares during the period. Tidal Investments LLC grew its holdings in shares of Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company's stock worth $44,000 after buying an additional 3,339 shares during the last quarter. Hsbc Holdings PLC increased its position in Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company's stock valued at $89,000 after acquiring an additional 3,341 shares during the period. Finally, CWM LLC increased its position in Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company's stock valued at $33,000 after acquiring an additional 3,559 shares during the period. 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.