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

Shares of Archer Aviation Inc. (NYSE:ACHR) gapped down before the market opened on Tuesday . The stock had previously closed at $7.48, but opened at $7.25. Archer Aviation shares last traded at $7.29, with a volume of 5,604,707 shares traded.

Analyst Ratings Changes

Several research firms have recently issued reports on ACHR. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. Benchmark reissued a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Needham & Company LLC started coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price on the stock. Finally, HC Wainwright started coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target for the company. One 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 target price of $9.33.

Archer Aviation Stock Performance

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average is $3.57 and its two-hundred day moving average is $3.69. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of -5.44 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the business posted ($0.19) EPS. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the sale, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 9.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC boosted its position in shares of Archer Aviation by 29.9% during the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after purchasing an additional 3,339 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth approximately $80,000. Barclays PLC boosted its position in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after buying an additional 312,440 shares during the period. Geode Capital Management LLC boosted its position in Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after buying an additional 268,896 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new position in Archer Aviation in the 3rd quarter valued at approximately $583,000. 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.