Traders Purchase Large Volume of Archer Aviation Call Options (NYSE:ACHR)

Archer Aviation Inc. (NYSE:ACHR) was the recipient of some unusual options trading activity on Thursday. Traders purchased 47,363 call options on the company. This is an increase of 302% compared to the average daily volume of 11,781 call options.

Archer Aviation Stock Down 5.3 %

ACHR stock traded down $0.17 during midday trading on Thursday, reaching $3.03. The company had a trading volume of 3,865,226 shares, compared to its average volume of 7,194,235. The company has a 50 day moving average of $3.54 and a two-hundred day moving average of $3.83. The company has a market capitalization of $980.38 million, a P/E ratio of -1.87 and a beta of 2.32. Archer Aviation has a 1 year low of $2.82 and a 1 year high of $7.01. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. On average, equities research analysts expect that Archer Aviation will post -1.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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 price of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the purchase, the insider now directly owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The acquisition was disclosed in a filing with the SEC, which is available at this link. 27.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Axxcess Wealth Management LLC raised its holdings in shares of Archer Aviation by 48.0% during the 1st quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock valued at $138,000 after purchasing an additional 9,713 shares in the last quarter. Kingsview Wealth Management LLC raised its holdings in Archer Aviation by 8.3% during the first quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock valued at $524,000 after buying an additional 8,717 shares in the last quarter. CreativeOne Wealth LLC acquired a new stake in shares of Archer Aviation in the first quarter worth about $117,000. Quadrature Capital Ltd bought a new stake in shares of Archer Aviation during the 4th quarter worth about $578,000. Finally, Cetera Advisors LLC acquired a new position in shares of Archer Aviation during the 1st quarter valued at about $80,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.