Archer Aviation (NYSE:ACHR) Shares Gap Down – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR) gapped down prior to trading on Wednesday . The stock had previously closed at $11.14, but opened at $10.68. Archer Aviation shares last traded at $10.66, with a volume of 6,038,640 shares trading hands.

Analysts Set New Price Targets

ACHR has been the topic of a number of analyst reports. Canaccord Genuity Group boosted their price objective on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the company from $6.00 to $9.00 in a research report on Friday. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Finally, Cantor Fitzgerald raised 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. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Trading Down 14.6 %

The firm’s 50-day simple moving average is $7.54 and its 200-day simple moving average is $4.99. The firm has a market capitalization of $3.81 billion, a P/E ratio of -6.78 and a beta of 3.15. 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) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the firm posted ($0.19) EPS. Analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Activity at Archer Aviation

In related news, major shareholder N.V. Stellantis acquired 751,879 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were purchased at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the acquisition, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. This represents a 1.26 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have bought 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 currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in shares of Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after buying an additional 268,896 shares during the period. HBK Investments L P purchased a new position in shares of Archer Aviation in the third quarter valued at about $6,818,000. Charles Schwab Investment Management Inc. raised its stake 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 valued at $5,547,000 after acquiring an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after purchasing an additional 254,460 shares during the period. Finally, Sora Investors LLC bought a new stake in shares of Archer Aviation in the third quarter worth about $3,429,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.