Archer Aviation (NYSE:ACHR) Shares Gap Up - Still a Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $10.35, but opened at $11.00. Archer Aviation shares last traded at $11.11, with a volume of 24,952,814 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Raymond James lifted 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. Canaccord Genuity Group cut their price target on shares of Archer Aviation from $14.00 to $13.00 and set a "buy" rating on the stock in a research note on Wednesday, February 12th. HC Wainwright reiterated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $11.00 price target on shares of Archer Aviation in a research note on Thursday, January 16th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation presently has an average rating of "Moderate Buy" and a consensus target price of $11.33.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market capitalization of $3.88 billion, a PE ratio of -6.91 and a beta of 3.13. The company's 50-day simple moving average is $9.66 and its 200-day simple moving average is $6.10.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 438,428 shares of Archer Aviation stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $7.59, for a total value of $3,327,668.52. Following the sale, the chief technology officer now owns 1,170,360 shares of the company's stock, valued at $8,883,032.40. The trade was a 27.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Deborah Diaz bought 5,150 shares of the stock in a transaction dated Monday, November 25th. The stock was purchased at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the acquisition, the director now owns 98,886 shares of the company's stock, valued at approximately $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 1,057,729 shares of company stock valued at $8,473,770. Insiders own 9.75% of the company's stock.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the company. ARK Investment Management LLC lifted its stake in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after purchasing an additional 6,371,647 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Archer Aviation in the fourth quarter valued at about $42,709,000. Alyeska Investment Group L.P. lifted its stake in shares of Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares during the period. Two Sigma Investments LP lifted its stake in shares of Archer Aviation by 3,166.8% in the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock valued at $29,377,000 after purchasing an additional 2,920,752 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after purchasing an additional 2,908,859 shares during the period. Hedge funds and other 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.