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

Archer Aviation Inc. (NYSE:ACHR) shares gapped up prior to trading on Friday . The stock had previously closed at $7.66, but opened at $8.02. Archer Aviation shares last traded at $7.96, with a volume of 9,407,844 shares trading hands.

Wall Street Analyst Weigh In

ACHR has been the topic of a number of analyst reports. HC Wainwright began coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. Benchmark reaffirmed a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Monday, October 7th. Finally, Needham & Company LLC initiated coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Trading Up 9.9 %

The company has a market cap of $3.58 billion, a PE ratio of -6.36 and a beta of 3.19. The stock has a fifty day moving average of $4.31 and a 200-day moving average of $3.91. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the firm posted ($0.19) earnings per share. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, Director Deborah Diaz bought 5,150 shares of the company’s stock in a transaction on Monday, November 25th. The stock was bought at an average cost of $7.48 per share, with a total value of $38,522.00. Following the transaction, the director now directly owns 98,886 shares in the company, valued at $739,667.28. The trade was a 5.49 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Eric Lentell sold 114,788 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $6.74, for a total value of $773,671.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,069,958 shares of company stock valued at $5,461,608. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in shares of Archer Aviation by 5.6% during the 3rd 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 last quarter. HBK Investments L P acquired a new position in shares of Archer Aviation in the third quarter valued at approximately $6,818,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after acquiring an additional 94,430 shares during the period. Bank of New York Mellon Corp increased its position in 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 worth $4,651,000 after purchasing an additional 254,460 shares during the period. Finally, Sora Investors LLC purchased a new position in Archer Aviation in the third quarter worth $3,429,000. 59.34% of the stock is 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.