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

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $11.73, but opened at $10.08. Archer Aviation shares last traded at $10.08, with a volume of 43,953,311 shares trading hands.

Analyst Ratings Changes

A number of research firms have issued reports on ACHR. Cantor Fitzgerald reiterated an "overweight" rating and issued a $13.00 target price on shares of Archer Aviation in a research report on Friday, May 16th. Canaccord Genuity Group boosted their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a report on Friday, February 28th. Raymond James boosted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. HC Wainwright restated a "buy" rating and set a $18.00 price target (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Finally, Needham & Company LLC restated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $13.19.

Archer Aviation Price Performance

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $9.36 and a two-hundred day moving average price of $8.97. The company has a market capitalization of $5.49 billion, a price-to-earnings ratio of -7.57 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Transactions at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 80,919 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the transaction, the chief technology officer now owns 1,253,294 shares in the company, valued at approximately $16,280,289.06. This represents a 6.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Mesler sold 34,498 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $242,865.92. Following the transaction, the chief financial officer now owns 659,357 shares of the company's stock, valued at $4,641,873.28. The trade was a 4.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 451,859 shares of company stock valued at $4,627,418 over the last ninety days. 7.65% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

A number of institutional investors have recently added to or reduced their stakes in ACHR. Allworth Financial LP lifted its holdings in Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after purchasing an additional 1,664 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in Archer Aviation during the 4th quarter worth about $27,000. Strs Ohio purchased a new stake in Archer Aviation during the 1st quarter worth about $27,000. Tidemark LLC lifted its holdings in Archer Aviation by 100.0% during the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Conquis Financial LLC purchased a new stake in shares of Archer Aviation in the 4th quarter valued at about $29,000. 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.