Aerospace Stock Soars to 1-Year High on Air Force Deal

Options bulls are blasting ACHR in response to the news

Deputy Editor
Jul 31, 2023 at 3:02 PM
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The shares of Archer Aviation Inc (NYSE:ACHR) soared to a fresh one-year high today, after the aerospace and defense name entered a deal to provide up to six of its "Midnight" aircrafts to the U.S. Air Force. At last glance, the security was up 41.7% to trade at $6.79, pacing for its best single-day percentage gain on record while sporting a 263.1% year-to-date lead.

Over in the options pits, 20,000 calls -- seven times the intraday average amount -- have crossed the tape in comparison to just 3,163 puts. The August 7.50 call is the most popular contract by far, with new positions being bought to open there. 

Meanwhile, the brokerage bunch is quite bullish. Six of the seven analysts in coverage carry a "buy" or better rating, while the 12-month consensus price target of $9.25 sits at a roughly 34.8% premium to current levels. 

It's also worth noting that short interest represents 11.6% of the stock's available float. It would take over three days for shorts to cover their bets, at ACHR's average pace of trading. 

 

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