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

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $10.35, but opened at $11.00. Archer Aviation shares last traded at $11.11, with a volume of 24,952,814 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright restated a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Raymond James raised their target price on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday. Cantor Fitzgerald raised their target price on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research report on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.33.

Archer Aviation Price 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 stock's 50 day simple moving average is $9.65 and its two-hundred day simple moving average is $6.05. The firm has a market capitalization of $3.88 billion, a PE ratio of -6.91 and a beta of 3.13.

Insiders Place Their Bets

In other Archer Aviation news, CTO Thomas Paul Muniz sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the transaction, the chief technology officer now directly owns 1,070,360 shares of the company's stock, valued at $12,844,320. This trade represents a 4.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder N.V. Stellantis purchased 751,879 shares of Archer Aviation stock in a transaction dated Wednesday, December 11th. The shares were purchased at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the transaction, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. This trade represents a 1.26 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 1,057,729 shares of company stock valued at $8,473,770 in the last ninety days. 9.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. acquired a new position in Archer Aviation in the fourth quarter valued at approximately $27,000. Conquis Financial LLC acquired a new position in Archer Aviation during the fourth quarter worth $29,000. Oarsman Capital Inc. lifted its stake in Archer Aviation by 471.7% during the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after purchasing an additional 2,547 shares in the last quarter. Harbour Investments Inc. lifted its stake in Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after purchasing an additional 1,095 shares in the last quarter. Finally, Anchor Investment Management LLC lifted its stake in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after purchasing an additional 1,224 shares in the last quarter. 59.34% of the stock is currently 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.