Archer Aviation (NYSE:ACHR) Shares Gap Up – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) gapped up prior to trading on Wednesday . The stock had previously closed at $10.92, but opened at $11.36. Archer Aviation shares last traded at $10.87, with a volume of 10,143,133 shares changing hands.

Wall Street Analyst Weigh In

ACHR has been the subject of several research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 target price on shares of Archer Aviation in a research note on Friday, May 16th. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, February 28th. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Finally, HC Wainwright reissued a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $12.50.

Archer Aviation Trading Up 0.4%

The business’s 50 day moving average price is $8.57 and its two-hundred day moving average price is $8.51. The company has a market capitalization of $6.02 billion, a price-to-earnings ratio of -8.28 and a beta of 3.13. 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 released its earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. Equities analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Priya Gupta sold 13,210 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $171,597.90. Following the sale, the chief financial officer now owns 134,104 shares in the company, valued at $1,742,010.96. The trade was a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Eric Lentell sold 45,974 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $597,202.26. Following the sale, the general counsel now owns 95,896 shares in the company, valued at $1,245,689.04. This represents a 32.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 705,844 shares of company stock worth $6,583,103 in the last ninety days. 7.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. acquired a new position in Archer Aviation in the 4th quarter valued at approximately $27,000. Conquis Financial LLC acquired a new position in Archer Aviation in the 4th quarter valued at approximately $29,000. Oarsman Capital Inc. increased its stake in Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after buying an additional 2,547 shares during the period. Harbour Investments Inc. increased its stake in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after buying an additional 1,095 shares during the period. Finally, Anchor Investment Management LLC increased its stake in Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after buying an additional 1,224 shares during the period. Institutional investors and hedge funds 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.