Archer Aviation Sees Unusually High Options Volume (NYSE:ACHR)

Archer Aviation Inc. (NYSE:ACHR) was the target of unusually large options trading on Friday. Stock investors acquired 98,492 call options on the stock. This is an increase of 53% compared to the typical daily volume of 64,502 call options.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $6.00 to $9.00 in a report on Friday. HC Wainwright restated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Canaccord Genuity Group lifted their price target on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective for the company. Finally, Cantor Fitzgerald raised their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Stock Down 14.6 %

Shares of Archer Aviation stock opened at $8.95 on Friday. The business has a 50-day moving average price of $7.65 and a 200 day moving average price of $5.04. Archer Aviation has a fifty-two week low of $2.82 and a fifty-two week high of $12.48. The firm has a market cap of $3.81 billion, a P/E ratio of -6.78 and a beta of 3.15. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the business earned ($0.19) earnings per share. On average, sell-side analysts forecast that Archer Aviation will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Deborah Diaz purchased 5,150 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the acquisition, the director now owns 98,886 shares in the company, valued at $739,667.28. This represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its position in shares of Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after acquiring an additional 268,896 shares during the last quarter. HBK Investments L P acquired a new stake in shares of Archer Aviation in the third quarter valued at approximately $6,818,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after buying an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after buying an additional 254,460 shares during the period. Finally, Sora Investors LLC bought a new position in Archer Aviation in the 3rd quarter worth approximately $3,429,000. Institutional investors own 59.34% of the company’s stock.

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.