Archer Aviation Target of Unusually Large Options Trading (NYSE:ACHR)

Archer Aviation Inc. (NYSE:ACHR) saw some unusual options trading on Friday. Traders bought 332,236 call options on the stock. This is an increase of 215% compared to the typical volume of 105,384 call options.

Archer Aviation Stock Up 13.2%

ACHR stock opened at $11.52 on Friday. Archer Aviation has a twelve month low of $2.85 and a twelve month high of $13.92. The company has a market cap of $7.43 billion, a PE ratio of -8.53 and a beta of 3.06. The business’s 50-day simple moving average is $9.49 and its 200 day simple moving average is $9.51. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last released its earnings results on Monday, August 11th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.12). On average, research analysts anticipate that Archer Aviation will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Priya Gupta sold 10,224 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the transaction, the chief financial officer directly owned 147,153 shares of the company’s stock, valued at approximately $1,446,513.99. This represents a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 42,775 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the transaction, the insider directly owned 295,337 shares of the company’s stock, valued at $2,903,162.71. This trade represents a 12.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 188,068 shares of company stock valued at $1,848,708 over the last three months. 7.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently added to or reduced their stakes in ACHR. Ameriprise Financial Inc. grew its position in Archer Aviation by 106.4% during the fourth quarter. Ameriprise Financial Inc. now owns 45,902 shares of the company’s stock worth $448,000 after buying an additional 23,661 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Archer Aviation by 26.2% during the fourth quarter. California State Teachers Retirement System now owns 241,396 shares of the company’s stock valued at $2,354,000 after purchasing an additional 50,104 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Archer Aviation by 3,582.6% during the first quarter. GAMMA Investing LLC now owns 6,555 shares of the company’s stock valued at $470,000 after purchasing an additional 6,377 shares in the last quarter. Rhumbline Advisers boosted its holdings in Archer Aviation by 38.0% during the first quarter. Rhumbline Advisers now owns 430,920 shares of the company’s stock valued at $3,064,000 after purchasing an additional 118,598 shares in the last quarter. Finally, Fiduciary Alliance LLC acquired a new stake in Archer Aviation during the first quarter valued at approximately $77,000. 59.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ACHR. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a report on Thursday, July 17th. HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. increased their target price on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, August 1st. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.43.

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.