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

Key Points

• Archer Aviation shares opened at $9.36, up from a previous close of $8.75, with a trading volume of nearly 10 million shares.
• Analysts have a favorable outlook on Archer Aviation, with an average target price of $13.43 and several firms reiterating a "buy" rating.
• Company insiders have recently sold significant amounts of stock, including Tosha Perkins and Eric Lentell, indicating a potential shift in sentiment among insiders.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $8.75, but opened at $9.36. Archer Aviation shares last traded at $9.27, with a volume of 9,928,088 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ACHR shares. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. JPMorgan Chase & Co. lifted their price target on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $13.43.

Archer Aviation Stock Performance

The firm's 50-day moving average is $9.98 and its 200 day moving average is $9.33. The stock has a market cap of $5.86 billion, a PE ratio of -6.71 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.12). As a group, research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 42,775 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the transaction, the insider directly owned 295,337 shares of the company's stock, valued at approximately $2,903,162.71. The trade was a 12.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Eric Lentell sold 48,936 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $481,040.88. Following the completion of the transaction, the insider directly owned 47,518 shares in the company, valued at $467,101.94. This represents a 50.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 283,964 shares of company stock worth $2,865,206 in the last 90 days. Company insiders own 7.65% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP boosted its position in Archer Aviation by 87.0% during the first 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 fourth quarter worth $27,000. Strs Ohio acquired a new stake in Archer Aviation in the 1st quarter valued at about $27,000. Tidemark LLC grew its stake in Archer Aviation by 100.0% in the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock valued at $28,000 after acquiring an additional 2,000 shares during the last quarter. Finally, AlphaQuest LLC grew its stake in Archer Aviation by 1,181.6% in the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company's stock valued at $28,000 after acquiring an additional 2,375 shares during the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

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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