Archer Aviation Inc. (NYSE:ACHR – Get Free Report) was the recipient of unusually large options trading on Monday. Stock investors acquired 102,231 call options on the stock. This represents an increase of 121% compared to the average volume of 46,340 call options.
Archer Aviation News Roundup
Here are the key news stories impacting Archer Aviation this week:
- Positive Sentiment: Major Boeing acquisition: Archer will acquire Boeing’s Wisk Aero, Insitu and SkyGrid subsidiaries in an all-stock transaction. The deal adds autonomous aircraft technology, drone capabilities and airspace-management infrastructure, creating a broader end-to-end aerospace and defense platform. Reuters article
- Positive Sentiment: Profitable revenue added: Archer said the acquired defense business generates more than $200 million in annual revenue and operates across 35 countries. This could provide Archer with a meaningful commercial and military business alongside its still-developing air-taxi operations. Archer Aviation press release
- Positive Sentiment: Boeing endorsement and collaboration: Boeing will receive nearly a 20% stake in the combined company and continue collaborating with Archer on Wisk’s autonomous-flight technology. Boeing’s investment validates Archer’s strategy and may improve access to aerospace expertise, customers and funding. CNBC article
Archer Aviation Stock Up 16.1%
Archer Aviation stock traded up $0.90 during trading hours on Monday, reaching $6.49. The stock had a trading volume of 55,739,952 shares, compared to its average volume of 37,407,113. The company has a market cap of $4.93 billion, a price-to-earnings ratio of -5.92 and a beta of 3.20. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The business’s 50 day moving average price is $5.18 and its 200-day moving average price is $5.99. Archer Aviation has a 52 week low of $4.30 and a 52 week high of $14.62.
Analyst Ratings Changes
A number of research firms have recently issued reports on ACHR. Canaccord Genuity Group dropped their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Barclays raised shares of Archer Aviation to a “hold” rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Archer Aviation has an average rating of “Hold” and an average target price of $11.83.
Check Out Our Latest Analysis on Archer Aviation
Insider Activity at Archer Aviation
In other Archer Aviation news, CFO Priya Gupta sold 9,860 shares of Archer Aviation stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the sale, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at $1,124,847.50. The trade was a 4.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of Archer Aviation stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $73,863.30. Following the completion of the sale, the chief accounting officer owned 87,210 shares of the company’s stock, valued at $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is owned by insiders.
Institutional Investors Weigh In On Archer Aviation
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Archer Aviation by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after purchasing an additional 2,312,899 shares during the last quarter. ARK Investment Management LLC grew its stake in Archer Aviation by 12.4% during the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after buying an additional 3,869,252 shares during the last quarter. State Street Corp grew its stake in Archer Aviation by 11.2% during the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after buying an additional 3,293,130 shares during the last quarter. Morgan Stanley increased its position in Archer Aviation by 21.6% during the 4th quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock valued at $118,196,000 after buying an additional 2,796,488 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Archer Aviation by 14.9% during the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock valued at $108,197,000 after buying an additional 1,867,648 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.
Archer Aviation Company Profile
Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.
Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.
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