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

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $10.92, but opened at $11.36. Archer Aviation shares last traded at $10.87, with a volume of 10,143,133 shares trading hands.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. HC Wainwright restated a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Canaccord Genuity Group lifted 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. Cantor Fitzgerald reiterated an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a research note on Friday, May 16th. Finally, Raymond James boosted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $12.50.

Archer Aviation Price 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 business's 50-day simple moving average is $8.67 and its 200 day simple moving average is $8.60. The company has a market capitalization of $5.52 billion, a P/E ratio of -7.62 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results 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, sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Eric Lentell sold 43,230 shares of Archer Aviation stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now directly owns 53,225 shares of the company's stock, valued at $409,832.50. This trade represents a 44.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Thomas Paul Muniz sold 99,224 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the completion of the sale, the chief technology officer now owns 1,131,443 shares of the company's stock, valued at $8,712,111.10. The trade was a 8.06% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 705,844 shares of company stock valued at $6,583,103. Company insiders own 7.65% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors have recently modified their holdings of the business. PFG Investments LLC boosted its stake in Archer Aviation by 16.3% during the 4th quarter. PFG Investments LLC now owns 22,821 shares of the company's stock worth $223,000 after acquiring an additional 3,192 shares during the last quarter. Dumont & Blake Investment Advisors LLC bought a new position in Archer Aviation during the 4th quarter worth approximately $160,000. 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 valued at $161,000 after buying an additional 12,000 shares in the last quarter. River Street Advisors LLC bought a new position in Archer Aviation in the fourth quarter valued at approximately $195,000. Finally, 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 valued at $33,000 after buying an additional 2,975 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

Archer Aviation Company Profile

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.