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

Archer Aviation Inc. (NYSE:ACHR) saw unusually large options trading on Thursday. Stock traders acquired 56,874 call options on the company. This represents an increase of approximately 273% compared to the average daily volume of 15,252 call options.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ACHR. JPMorgan Chase & Co. upped their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. Benchmark restated a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research report on Friday, August 9th. Finally, HC Wainwright assumed coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. 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 has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Stock Up 12.1 %

ACHR stock traded up $0.39 during midday trading on Thursday, hitting $3.60. The company’s stock had a trading volume of 7,440,267 shares, compared to its average volume of 7,758,379. The company’s fifty day moving average price is $3.16 and its 200 day moving average price is $3.61. Archer Aviation has a twelve month low of $2.82 and a twelve month high of $7.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. The stock has a market capitalization of $1.28 billion, a P/E ratio of -2.92 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.07. As a group, equities research analysts predict that Archer Aviation will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after purchasing an additional 254,460 shares during the last quarter. Alpine Global Management LLC acquired a new position in shares of Archer Aviation during the 1st quarter worth approximately $5,782,000. Intellectus Partners LLC increased its holdings in shares of Archer Aviation by 1.3% during the third quarter. Intellectus Partners LLC now owns 919,020 shares of the company’s stock worth $2,790,000 after purchasing an additional 11,800 shares during the period. Raymond James & Associates lifted its position in shares of Archer Aviation by 44.4% during the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Archer Aviation by 2.3% in the first quarter. Swiss National Bank now owns 376,600 shares of the company’s stock valued at $1,740,000 after buying an additional 8,500 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

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.