Archer Aviation (NYSE:ACHR) Shares Gap Up – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $6.81, but opened at $7.29. Archer Aviation shares last traded at $6.99, with a volume of 4,215,477 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ACHR. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, February 28th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Needham & Company LLC boosted their price target on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. HC Wainwright reiterated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Trading Up 8.4 %

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 firm has a market cap of $4.01 billion, a PE ratio of -5.55 and a beta of 3.14. The stock has a 50-day simple moving average of $9.18 and a two-hundred day simple moving average of $6.46.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In other news, General Counsel Eric Lentell sold 43,230 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the sale, the general counsel now directly owns 53,225 shares in the company, valued at $409,832.50. This represents a 44.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Tosha Perkins sold 49,273 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the transaction, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. This represents a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 608,498 shares of company stock valued at $5,368,115 in the last ninety days. 9.75% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Total Wealth Planning & Management Inc. purchased a new position in shares of Archer Aviation during the 4th quarter valued at about $450,000. Infinitum Asset Management LLC bought a new stake in Archer Aviation during the fourth quarter valued at about $10,844,000. Sunbelt Securities Inc. bought a new position in shares of Archer Aviation in the fourth quarter worth about $27,000. PharVision Advisers LLC purchased a new stake in shares of Archer Aviation during the fourth quarter worth about $187,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Archer Aviation by 62.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company’s stock valued at $5,446,000 after purchasing an additional 215,593 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.