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

Archer Aviation Inc. (NYSE:ACHR) gapped up prior to trading on Monday . The stock had previously closed at $4.44, but opened at $4.63. Archer Aviation shares last traded at $4.9370, with a volume of 11,618,011 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ACHR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday. Canaccord Genuity Group reduced their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Archer Aviation has a consensus rating of “Hold” and an average target price of $11.83.

Archer Aviation Stock Up 18.4%

The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of -4.75 and a beta of 3.19. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The business’s 50-day moving average is $5.57 and its two-hundred day moving average is $6.36.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same period last year, the firm posted ($0.17) EPS. Equities analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current year.

Insider Buying and Selling

In other news, CAO Harsh Rungta sold 12,414 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $73,863.30. Following the transaction, the chief accounting officer owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. The trade was a 12.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the sale, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at $1,124,847.50. This represents a 4.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 250,743 shares of company stock worth $1,497,672. 5.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after buying an additional 2,312,899 shares during the period. ARK Investment Management LLC lifted its holdings in Archer Aviation by 12.4% in the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after acquiring an additional 3,869,252 shares during the last quarter. State Street Corp lifted its holdings in Archer Aviation by 11.2% in the fourth quarter. State Street Corp now owns 32,773,136 shares of the company’s stock valued at $246,454,000 after acquiring an additional 3,293,130 shares during the last quarter. Morgan Stanley grew its position in Archer Aviation by 21.6% in the fourth quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock worth $118,196,000 after acquiring an additional 2,796,488 shares during the period. Finally, Geode Capital Management LLC grew its position in Archer Aviation by 14.9% in the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after acquiring an additional 1,867,648 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.