Investors Buy High Volume of Archer Aviation Call Options (NYSE:ACHR)

Archer Aviation Inc. (NYSE:ACHR) saw some unusual options trading activity on Thursday. Stock investors bought 56,874 call options on the stock. This represents an increase of 273% compared to the average daily volume of 15,252 call options.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $3.89 on Friday. The stock has a market cap of $1.38 billion, a PE ratio of -3.18 and a beta of 2.29. The company’s fifty day moving average price is $3.17 and its 200-day moving average price is $3.60. Archer Aviation has a 12 month low of $2.82 and a 12 month 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 issued its 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 analysts expect that Archer Aviation will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Miller Wealth Advisors LLC bought a new position in Archer Aviation in the 3rd quarter worth approximately $26,000. Hollencrest Capital Management boosted 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 last quarter. CWM LLC boosted its position in shares of Archer Aviation by 62.0% during 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. Code Waechter LLC bought a new position in shares of Archer Aviation during the 3rd quarter valued at approximately $30,000. Finally, Azzad Asset Management Inc. ADV bought a new position in shares of Archer Aviation during the 3rd quarter valued at approximately $31,000. 59.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ACHR has been the topic of a number of research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. HC Wainwright initiated 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. JPMorgan Chase & Co. boosted their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Benchmark reissued a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

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.