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

Archer Aviation Inc. (NYSE:ACHR)’s share price gapped up prior to trading on Friday . The stock had previously closed at $8.08, but opened at $8.81. Archer Aviation shares last traded at $9.38, with a volume of 17,175,953 shares.

Wall Street Analysts Forecast Growth

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

Archer Aviation Stock Performance

The firm has a market cap of $4.04 billion, a PE ratio of -7.11 and a beta of 2.29. The firm’s 50 day simple moving average is $3.85 and its 200 day simple moving average is $3.77. 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 announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the company earned ($0.19) earnings per share. On average, research analysts forecast that Archer Aviation Inc. will post -1.29 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In related news, Director Deborah Diaz purchased 5,150 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average price 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. The trade was a 5.49 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Miller Wealth Advisors LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth about $26,000. Code Waechter LLC purchased a new stake in shares of Archer Aviation in the third quarter worth approximately $30,000. Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation during the 3rd quarter worth approximately $31,000. Hollencrest Capital Management boosted its holdings in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares during the period. Finally, CWM LLC grew its position in Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after acquiring an additional 3,559 shares during the last quarter. 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.