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

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price 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 changing hands.

Analyst Ratings Changes

A number of equities research analysts have commented on ACHR shares. Raymond James raised their price target on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday. Canaccord Genuity Group decreased their price target on Archer Aviation from $14.00 to $13.00 and set a "buy" rating on the stock in a report on Wednesday, February 12th. Needham & Company LLC reissued a "buy" rating and set a $11.00 price target on shares of Archer Aviation in a report on Thursday, January 16th. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Finally, JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their target price for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $11.33.

Archer Aviation Stock Down 9.3 %

The stock has a market capitalization of $3.91 billion, a P/E ratio of -6.94 and a beta of 3.13. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a fifty day moving average price of $9.65 and a 200-day moving average price of $6.05.

Insider Buying and Selling

In other Archer Aviation news, insider Tosha Perkins sold 150,000 shares of the business's stock in a transaction that occurred 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 transaction, the insider now owns 197,355 shares in the company, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the business'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 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 1,057,729 shares of company stock worth $8,473,770. Corporate insiders own 9.75% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ACHR. Miller Wealth Advisors LLC purchased a new stake in shares of Archer Aviation in the third quarter valued at approximately $26,000. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $27,000. Conquis Financial LLC purchased a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $29,000. Harbour Investments Inc. boosted its holdings in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after purchasing an additional 1,095 shares during the period. Finally, Oarsman Capital Inc. boosted its holdings in shares of Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock valued at $30,000 after purchasing an additional 2,547 shares during the period. Hedge funds and other 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.