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

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $6.81, but opened at $7.29. Archer Aviation shares last traded at $6.99, with a volume of 4,215,477 shares.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Raymond James raised their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. HC Wainwright reiterated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. Finally, Cantor Fitzgerald upped their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $11.61.

Archer Aviation Price Performance

The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of -5.48 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a fifty day simple moving average of $9.13 and a two-hundred day simple moving average of $6.47.

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Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CFO Mark Mesler sold 62,258 shares of Archer Aviation stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $479,386.60. Following the sale, the chief financial officer now directly owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. The trade was a 8.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the transaction, the insider now directly owns 232,396 shares of the company's stock, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 545,498 shares of company stock worth $4,920,815 over the last three months. Corporate 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 ACHR. Creative Planning boosted its holdings in Archer Aviation by 74.1% in the third quarter. Creative Planning now owns 28,851 shares of the company's stock valued at $87,000 after acquiring an additional 12,278 shares during the last quarter. Intellectus Partners LLC increased its holdings in shares of Archer Aviation by 1.3% during the third quarter. Intellectus Partners LLC now owns 919,020 shares of the company's stock valued at $2,790,000 after acquiring an additional 11,800 shares in the last quarter. Intech Investment Management LLC acquired a new position in Archer Aviation during the third quarter worth $206,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock worth $5,547,000 after acquiring an additional 94,430 shares during the last quarter. Finally, Townsquare Capital LLC lifted its holdings in shares of Archer Aviation by 25.6% in the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company's stock valued at $45,000 after purchasing an additional 3,033 shares in the last quarter. 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.