Archer Aviation (NYSE:ACHR) Shares Gap Up - What's Next?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ACHR. HC Wainwright reiterated a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Raymond James increased their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Canaccord Genuity Group increased their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. Deutsche Bank Aktiengesellschaft raised their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their target price for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $11.61.

Archer Aviation Trading Down 3.3 %

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $9.13 and a 200-day simple moving average of $6.47. The company has a market capitalization of $3.92 billion, a PE ratio of -5.48 and a beta of 3.14.

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Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10. Analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CFO Mark Mesler sold 62,258 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the sale, the chief financial officer now owns 630,243 shares of the company's stock, valued at $4,852,871.10. This represents a 8.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $9.00, for a total transaction of $450,000.00. Following the transaction, the chief technology officer now directly owns 1,120,360 shares of the company's stock, valued at approximately $10,083,240. This trade represents a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 545,498 shares of company stock valued at $4,920,815. 9.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently made changes to their positions in ACHR. ARK Investment Management LLC raised its holdings in Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after acquiring an additional 6,371,647 shares during the last quarter. Vanguard Group Inc. lifted 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 acquiring an additional 2,908,859 shares during the period. Geode Capital Management LLC increased its position in Archer Aviation by 14.2% during the fourth 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 during the last quarter. Alyeska Investment Group L.P. raised its stake in Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after purchasing an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $42,709,000. 59.34% of the stock is owned by institutional investors and hedge funds.

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.

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