Archer Aviation (NYSE:ACHR) Shares Gap Up – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) gapped up before the market opened on Wednesday . The stock had previously closed at $3.30, but opened at $3.39. Archer Aviation shares last traded at $3.23, with a volume of 5,097,498 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ACHR shares. JPMorgan Chase & Co. raised their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. HC Wainwright assumed coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. Benchmark reiterated a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Price Performance

The stock has a market cap of $998.18 million, a price-to-earnings ratio of -1.89 and a beta of 2.31. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. The business’s 50-day simple moving average is $3.26 and its two-hundred day simple moving average is $3.65.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.07. Research analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other news, major shareholder N.V. Stellantis bought 2,982,089 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the transaction, the insider now directly owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 27.17% of the company’s stock.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in ACHR. Code Waechter LLC purchased a new position in shares of Archer Aviation in the 3rd quarter worth approximately $30,000. Azzad Asset Management Inc. ADV bought a new stake in Archer Aviation in the third quarter worth about $31,000. Hollencrest Capital Management grew its position in shares of 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. CWM LLC grew its holdings in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the period. Finally, Cyndeo Wealth Partners LLC purchased a new stake in Archer Aviation in the third quarter worth $36,000. 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.