Bullish options activity lifts Joby and Archer as investors react to Archer’s UAE certification delay
Shares of air taxi maker Joby Aviation rose more than 5% early on Monday morning as the company received lots of love in the options market amid a Bloomberg report that rival Archer Aviation will likely not be certified for passenger flights in the UAE before next year.
According to Bloomberg, Archer’s certification review process in the UAE is taking longer than expected. The company previously said its goal date for its first passenger flight was “later this year,” but that timeline is now omitted from its website.
As of 10:15 a.m. ET, about 9,000 call options in Joby have changed hands. While Joby tends to see bullish options activity, Monday’s trading was particularly skewed toward calls with a put/call ratio of 0.14, significantly below the 10-day average ratio of 0.38.
Investors don’t appear to be taking Archer’s likely delay too hard, either. The electric vertical takeoff and landing (or eVTOL) company is up more than 2% on Monday as of 10:19 a.m. ET, with more than 28,000 call options changing hands (about 4x the number of puts).
