Archer Aviation (NYSE:ACHR) Shares Gap Up - Still a Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $10.80, but opened at $11.12. Archer Aviation shares last traded at $10.79, with a volume of 13,042,054 shares traded.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft lifted 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. 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 report on Wednesday, December 18th. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the company a "buy" rating in a research report on Friday, December 13th. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Needham & Company LLC began coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a "buy" rating and a $11.00 target price for the company. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $10.63.

Archer Aviation Price Performance

The firm has a market cap of $4.82 billion, a price-to-earnings ratio of -8.58 and a beta of 3.19. The stock's 50-day moving average price is $5.91 and its 200 day moving average price is $4.44. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results 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 last year, the business posted ($0.19) earnings per share. Equities research analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Activity at Archer Aviation

In related news, insider Tosha Perkins sold 150,000 shares of the firm's stock in a transaction 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 sale, the insider now directly owns 197,355 shares of the company's stock, valued at $1,263,072. This trade represents a 43.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the business's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

Hedge funds have recently modified their holdings of the stock. HBK Investments L P acquired a new stake in Archer Aviation in the third quarter worth about $6,818,000. Sora Investors LLC acquired a new stake in shares of Archer Aviation during the 3rd quarter worth approximately $3,429,000. Stifel Financial Corp raised its stake in shares of Archer Aviation by 574.5% during the third quarter. Stifel Financial Corp now owns 459,171 shares of the company's stock worth $1,391,000 after buying an additional 391,092 shares during the last quarter. Barclays PLC lifted its holdings in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company's stock valued at $1,294,000 after buying an additional 312,440 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock valued at $15,487,000 after acquiring an additional 268,896 shares during the last quarter. 59.34% of the stock is owned by institutional investors.

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.