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

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) saw unusually large options trading activity on Thursday. Stock investors bought 56,874 call options on the stock. This represents an increase of 273% compared to the typical daily volume of 15,252 call options.

Archer Aviation Price Performance

Shares of NYSE ACHR traded up $0.29 during trading on Thursday, reaching $3.50. The company had a trading volume of 29,540,714 shares, compared to its average volume of 7,859,686. 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 has a twelve month low of $2.82 and a twelve month high of $7.01. The stock has a 50-day moving average price of $3.16 and a two-hundred day moving average price of $3.61. The stock has a market capitalization of $1.24 billion, a PE ratio of -2.90 and a beta of 2.29.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced 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, sell-side analysts predict that Archer Aviation will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently modified their holdings of ACHR. Alpine Global Management LLC acquired a new position in shares of Archer Aviation during the 1st quarter valued at about $5,782,000. Intellectus Partners LLC raised its stake in Archer Aviation by 136.1% during the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company's stock worth $3,187,000 after purchasing an additional 523,024 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Archer Aviation by 23.9% in 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. Raymond James & Associates grew its stake 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 valued at $2,201,000 after buying an additional 192,120 shares during the period. Finally, DNB Asset Management AS increased its holdings in shares of Archer Aviation by 195.1% during the 2nd quarter. DNB Asset Management AS now owns 263,063 shares of the company's stock worth $926,000 after buying an additional 173,919 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ACHR shares. Benchmark reiterated a "buy" rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. JPMorgan Chase & Co. raised their price objective on Archer Aviation from $5.00 to $6.00 and gave the company an "overweight" rating in a research note on Wednesday, July 24th. HC Wainwright assumed coverage on Archer Aviation in a research report on Tuesday, September 3rd. They issued a "buy" rating and a $12.50 price target for the company. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target 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.