Archer Aviation (NYSE:ACHR) Shares Gap Down – What’s Next?

Shares of Archer Aviation Inc. (NYSE:ACHR) gapped down before the market opened on Monday . The stock had previously closed at $11.18, but opened at $10.62. Archer Aviation shares last traded at $9.89, with a volume of 13,344,184 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ACHR shares. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft boosted their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald lifted their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group increased their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Needham & Company LLC assumed coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Price Performance

The firm’s 50 day simple moving average is $6.23 and its two-hundred day simple moving average is $4.56. The firm has a market capitalization of $4.22 billion, a P/E ratio of -7.52 and a beta of 3.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last released its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the company earned ($0.19) earnings per share. As a group, analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $9.00, for a total value of $450,000.00. Following the completion of the sale, the chief technology officer now owns 1,120,360 shares in the company, valued at approximately $10,083,240. This represents a 4.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total value of $1,915,130.00. The disclosure for this sale can be found here. Over the last three months, 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. Insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James & Associates increased its position in Archer Aviation by 44.4% in the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after purchasing an additional 192,120 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Archer Aviation by 75.6% in the 2nd quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock valued at $109,000 after acquiring an additional 13,372 shares during the last quarter. Rhumbline Advisers grew its position in Archer Aviation by 29.3% in the second quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock worth $1,098,000 after acquiring an additional 70,575 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in Archer Aviation by 13.7% during the second quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock worth $210,000 after acquiring an additional 7,184 shares during the last quarter. 59.34% of the stock is currently 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.