Archer Aviation (NYSE:ACHR) Shares Gap Up - Time to Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $9.73, but opened at $10.25. Archer Aviation shares last traded at $9.88, with a volume of 6,445,856 shares traded.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $13.00 price target on shares of Archer Aviation in a research report on Friday, May 16th. Canaccord Genuity Group upped their price target on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Needham & Company LLC reissued a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Raymond James raised their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Finally, HC Wainwright reaffirmed a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $12.50.

Archer Aviation Stock Performance

The firm has a market cap of $5.30 billion, a PE ratio of -7.32 and a beta of 3.13. The company has a 50 day simple moving average of $8.79 and a 200-day simple moving average of $8.72. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced 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, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insiders Place Their Bets

In other news, insider Tosha Perkins sold 33,335 shares of Archer Aviation stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $234,678.40. Following the transaction, the insider now owns 262,673 shares in the company, valued at approximately $1,849,217.92. The trade was a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Mesler sold 34,498 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $242,865.92. Following the completion of the sale, the chief financial officer now directly owns 659,357 shares of the company's stock, valued at approximately $4,641,873.28. This trade represents a 4.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold 451,859 shares of company stock valued at $4,627,418 over the last three months. Insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers grew its holdings in shares of Archer Aviation by 38.0% in the first quarter. Rhumbline Advisers now owns 430,920 shares of the company's stock worth $3,064,000 after purchasing an additional 118,598 shares during the last quarter. Strs Ohio purchased a new stake in Archer Aviation during the 1st quarter valued at $27,000. Intech Investment Management LLC boosted its position in Archer Aviation by 89.4% during the 1st quarter. Intech Investment Management LLC now owns 196,100 shares of the company's stock valued at $1,394,000 after buying an additional 92,553 shares during the period. Focus Partners Wealth grew its holdings in Archer Aviation by 6.0% in the 1st quarter. Focus Partners Wealth now owns 38,284 shares of the company's stock worth $271,000 after acquiring an additional 2,179 shares during the last quarter. Finally, Integrity Alliance LLC. purchased a new position in shares of Archer Aviation in the first quarter valued at about $92,000. Institutional investors 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.