Archer Aviation (NYSE:ACHR) Shares Gap Down - Time to Sell?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $13.40, but opened at $13.07. Archer Aviation shares last traded at $13.42, with a volume of 9,360,256 shares traded.

Analyst Ratings Changes

A number of research firms have issued reports on ACHR. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a research report on Thursday. UBS Group restated a "buy" rating on shares of Archer Aviation in a report on Thursday. Canaccord Genuity Group restated a "buy" rating on shares of Archer Aviation in a research note on Thursday. Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, HC Wainwright restated a "buy" rating and set a $18.00 target price (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $13.13.

Archer Aviation Price Performance

The company has a market cap of $7.53 billion, a P/E ratio of -10.47 and a beta of 3.10. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80. The firm's fifty day moving average is $10.65 and its two-hundred day moving average is $9.26.

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

Insider Activity

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 transaction, the chief technology officer owned 1,253,294 shares of the company's stock, valued at approximately $16,280,289.06. This represents a 6.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Mesler sold 50,775 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $659,567.25. Following the sale, the chief financial officer owned 711,525 shares of the company's stock, valued at approximately $9,242,709.75. This represents a 6.66% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 376,960 shares of company stock valued at $4,441,519. Insiders own 7.65% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently bought and sold shares of ACHR. Victory Capital Management Inc. increased its position in shares of Archer Aviation by 28.5% during the fourth quarter. Victory Capital Management Inc. now owns 35,862 shares of the company's stock worth $350,000 after purchasing an additional 7,951 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Archer Aviation in the fourth quarter valued at $7,249,000. HighTower Advisors LLC increased its stake in Archer Aviation by 24.1% during the 4th quarter. HighTower Advisors LLC now owns 25,320 shares of the company's stock worth $247,000 after buying an additional 4,925 shares during the period. Swiss National Bank boosted its holdings in Archer Aviation by 31.2% in the fourth quarter. Swiss National Bank now owns 511,700 shares of the company's stock valued at $4,989,000 after purchasing an additional 121,800 shares during the period. Finally, Commonwealth Equity Services LLC increased its stake in shares of Archer Aviation by 90.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 120,654 shares of the company's stock worth $1,176,000 after buying an additional 57,245 shares during the period. 59.34% of the stock is 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.

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