Archer Aviation (NYSE:ACHR) Shares Gap Down – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) gapped down before the market opened on Tuesday . The stock had previously closed at $7.48, but opened at $7.25. Archer Aviation shares last traded at $7.29, with a volume of 5,604,707 shares.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ACHR. Benchmark reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. Needham & Company LLC started coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. HC Wainwright initiated coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Stock Performance

The business’s fifty day simple moving average is $3.65 and its 200-day simple moving average is $3.71. The firm has a market cap of $3.44 billion, a P/E ratio of -6.13 and a beta of 2.29. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the company earned ($0.19) earnings per share. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Deborah Diaz acquired 5,150 shares of the business’s stock in a transaction on Monday, November 25th. The shares were purchased at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the transaction, the director now owns 98,886 shares in the company, valued at approximately $739,667.28. This represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares during the period. HBK Investments L P purchased a new stake in shares of Archer Aviation in the 3rd quarter worth about $6,818,000. Charles Schwab Investment Management Inc. increased its stake in shares of Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after acquiring an additional 94,430 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after acquiring an additional 254,460 shares during the period. Finally, Sora Investors LLC bought a new stake in Archer Aviation during the third quarter worth about $3,429,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.