Eric Lentell, General Counsel and Secretary of Archer Aviation Inc. (NYSE:ACHR), recently sold 114,788 shares of the company's Class A common stock. The transaction, executed on December 4, was conducted at a price of $6.74 per share, amounting to a total sale value of $773,671. The stock, which has shown significant volatility with a beta of 3.19, has surged over 123% in the past six months, currently trading at $7.66. This sale was made under a pre-established Rule 10b5-1 trading plan, which Lentell adopted on September 5, 2024. The transaction was primarily aimed at covering tax liabilities and other costs related to the settlement of restricted stock units. According to InvestingPro analysis, Archer Aviation maintains a Fair Value rating and shows FAIR overall financial health, with 12+ additional insights available to subscribers. Following the sale, Lentell no longer holds any shares in the company.
In other recent news, Archer Aviation has been making strides in the commercialization of its electric vertical takeoff and landing (eVTOL) aircraft. The company reported a strong liquidity position in its third quarter 2024 earnings call, with over $500 million in cash reserves. Additionally, Archer Aviation's partnership with Stellantis (NYSE:STLA) has been reinforced, with nearly $300 million received and an agreement for up to $400 million more to support manufacturing efforts.
In other developments, Needham initiated coverage on Archer Aviation, giving the company a Buy rating and setting a price target of $11.00. The firm sees potential in the early-stage air taxi market, estimating a revenue opportunity of over $3 billion. Needham's confidence in Archer Aviation is bolstered by the company's approximately $6 billion aircraft order book.
Despite non-GAAP operating expenses for Q3 2024 being $96.8 million, with an expected increase to $95 million to $110 million in Q4 due to higher engineering and manufacturing costs, Archer continues to receive strong demand for early aircraft delivery. These recent developments indicate a positive market response and investor confidence in Archer Aviation's long-term prospects.
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