Archer Aviation (NYSE:ACHR) Shares Gap Up – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR) gapped up prior to trading on Tuesday . The stock had previously closed at $9.73, but opened at $10.25. Archer Aviation shares last traded at $9.88, with a volume of 6,445,856 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Friday, May 16th. Canaccord Genuity Group increased their price objective 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. HC Wainwright reiterated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Finally, Raymond James increased their price objective 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. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.50.

Archer Aviation Stock Performance

The company’s 50 day moving average price is $8.79 and its 200-day moving average price is $8.72. 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 company has a market cap of $5.30 billion, a PE ratio of -7.32 and a beta of 3.13.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.04. Equities research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 52,958 shares of Archer Aviation stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $372,824.32. Following the completion of the sale, the chief technology officer now directly owns 1,173,905 shares of the company’s stock, valued at approximately $8,264,291.20. The trade was a 4.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Mesler sold 34,498 shares of Archer Aviation stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $242,865.92. Following the sale, the chief financial officer now directly owns 659,357 shares of the company’s stock, valued at $4,641,873.28. This represents a 4.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 451,859 shares of company stock valued at $4,627,418 in the last three months. Company insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

Several hedge funds have recently added to or reduced their stakes in ACHR. Spire Wealth Management lifted its stake in Archer Aviation by 266.7% in the fourth quarter. Spire Wealth Management now owns 16,500 shares of the company’s stock worth $161,000 after purchasing an additional 12,000 shares during the last quarter. GPS Wealth Strategies Group LLC lifted its stake in Archer Aviation by 708.3% in the fourth quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock worth $33,000 after purchasing an additional 2,975 shares during the last quarter. Sargent Investment Group LLC lifted its stake in Archer Aviation by 21.0% in the fourth quarter. Sargent Investment Group LLC now owns 288,030 shares of the company’s stock worth $2,808,000 after purchasing an additional 49,900 shares during the last quarter. Apollon Wealth Management LLC bought a new stake in Archer Aviation in the fourth quarter worth $296,000. Finally, Entropy Technologies LP bought a new stake in Archer Aviation in the fourth quarter worth $371,000. 59.34% of the stock is owned by 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.