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

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) was the target of some unusual options trading activity on Friday. Investors bought 25,972 call options on the company. This is an increase of 575% compared to the typical volume of 3,848 call options.

Insider Activity

In related news, major shareholder N.V. Stellantis bought 800,000 shares of the stock in a transaction on Friday, March 8th. The shares were bought at an average cost of $4.60 per share, for a total transaction of $3,680,000.00. Following the completion of the transaction, the insider now owns 35,451,720 shares of the company's stock, valued at approximately $163,077,912. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders acquired 3,150,000 shares of company stock valued at $15,724,500. Insiders own 27.17% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Archer Aviation in the first quarter worth $50,000. Bank of New York Mellon Corp grew its holdings in Archer Aviation by 29.2% during the 1st quarter. Bank of New York Mellon Corp now owns 67,233 shares of the company's stock valued at $323,000 after purchasing an additional 15,200 shares in the last quarter. Citigroup Inc. grew its holdings in Archer Aviation by 143.5% during the 1st quarter. Citigroup Inc. now owns 35,461 shares of the company's stock valued at $171,000 after purchasing an additional 20,898 shares in the last quarter. BlackRock Inc. grew its holdings in Archer Aviation by 6.1% during the 1st quarter. BlackRock Inc. now owns 1,642,200 shares of the company's stock valued at $7,899,000 after purchasing an additional 94,992 shares in the last quarter. Finally, AJ Wealth Strategies LLC acquired a new stake in Archer Aviation during the 1st quarter valued at $1,005,000. Hedge funds and other institutional investors own 59.34% of the company's stock.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald reiterated an "overweight" rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Tuesday, February 27th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Archer Aviation currently has an average rating of "Buy" and a consensus price target of $9.60.

Archer Aviation Price Performance

Shares of ACHR remained flat at $4.30 on Friday. 2,700,681 shares of the company traded hands, compared to its average volume of 5,405,836. The company has a quick ratio of 4.21, a current ratio of 4.21 and a debt-to-equity ratio of 0.06. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -2.49 and a beta of 2.43. The firm has a 50-day moving average price of $4.87 and a 200 day moving average price of $5.34. Archer Aviation has a fifty-two week low of $1.77 and a fifty-two week high of $7.49.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Monday, February 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.35). Research analysts forecast that Archer Aviation will post -1.45 EPS for the current year.

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.