Archer Aviation (NYSE:ACHR) Shares Gap Up - Should You Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $8.23, but opened at $8.68. Archer Aviation shares last traded at $8.70, with a volume of 5,423,384 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on ACHR. Canaccord Genuity Group boosted their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. Cantor Fitzgerald upped their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their price target for the stock from $6.00 to $9.00 in a research report on Friday. Needham & Company LLC assumed coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a "buy" rating and a $11.00 price objective for the company. Finally, HC Wainwright restated a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. 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, Archer Aviation has an average rating of "Moderate Buy" and a consensus target price of $11.38.

Archer Aviation Stock Performance

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's fifty day simple moving average is $7.75 and its two-hundred day simple moving average is $5.08. The stock has a market capitalization of $3.50 billion, a P/E ratio of -6.23 and a beta of 3.15.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business earned ($0.19) earnings per share. As a group, equities analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares of the company's stock, valued at approximately $12,844,320. This trade represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Deborah Diaz acquired 5,150 shares of the company's stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average price of $7.48 per share, with a total value of $38,522.00. Following the acquisition, the director now owns 98,886 shares in the company, valued at $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety 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 Trading of Archer Aviation

Several institutional investors have recently modified their holdings of ACHR. Geode Capital Management LLC grew its holdings in Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock worth $15,487,000 after acquiring an additional 268,896 shares during the period. HBK Investments L P acquired a new position in Archer Aviation during the 3rd quarter worth approximately $6,818,000. Charles Schwab Investment Management Inc. raised its position in shares of Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock worth $5,547,000 after purchasing an additional 94,430 shares during the period. Sora Investors LLC acquired a new position in Archer Aviation during the third quarter worth $3,429,000. Finally, Intellectus Partners LLC lifted its stake in shares of Archer Aviation by 1.3% in the third quarter. Intellectus Partners LLC now owns 919,020 shares of the company's stock valued at $2,790,000 after buying an additional 11,800 shares in the last quarter. Institutional investors own 59.34% of the company's stock.

Archer Aviation Company Profile

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.