Archer Aviation (NYSE:ACHR) Shares Gap Down – Should You Sell?

Archer Aviation Inc. (NYSE:ACHR) shares gapped down before the market opened on Monday . The stock had previously closed at $6.20, but opened at $5.53. Archer Aviation shares last traded at $5.77, with a volume of 5,245,253 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ACHR shares. Needham & Company LLC lifted their price objective on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Raymond James lifted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Cantor Fitzgerald increased their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Price Performance

The firm’s fifty day simple moving average is $8.43 and its 200-day simple moving average is $7.05. The firm has a market capitalization of $3.62 billion, a PE ratio of -5.05 and a beta of 3.16. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. On average, research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 49,273 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the sale, the insider now directly owns 232,396 shares of the company’s stock, valued at $1,789,449.20. This trade represents a 17.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at approximately $12,844,320. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 474,780 shares of company stock valued at $3,758,081 in the last quarter. 9.75% of the stock is currently owned by insiders.

Institutional Trading of Archer Aviation

Several hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its stake in Archer Aviation by 3,582.6% during the first quarter. GAMMA Investing LLC now owns 6,555 shares of the company’s stock worth $470,000 after acquiring an additional 6,377 shares during the last quarter. AdvisorNet Financial Inc increased its position in shares of Archer Aviation by 116.3% during the 1st quarter. AdvisorNet Financial Inc now owns 9,300 shares of the company’s stock valued at $66,000 after purchasing an additional 5,000 shares during the last quarter. Moody National Bank Trust Division raised its holdings in Archer Aviation by 60.2% during the 1st quarter. Moody National Bank Trust Division now owns 168,134 shares of the company’s stock valued at $1,195,000 after buying an additional 63,184 shares during the period. Wellington Management Group LLP bought a new stake in Archer Aviation in the fourth quarter worth $15,912,000. Finally, California State Teachers Retirement System boosted its stake in Archer Aviation by 26.2% during the fourth quarter. California State Teachers Retirement System now owns 241,396 shares of the company’s stock worth $2,354,000 after buying an additional 50,104 shares during the period. 59.34% of the stock is currently owned by hedge funds and other 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.