Eric Lentell, General Counsel and Secretary Air force gunner Inch. (NYSE:), recently sold 114,788 shares of the company’s Class A common stock. The transaction, executed on December 4, was executed at a price of $6.74 per share, for a total sale value of $773,671. The stock, which has shown significant volatility with a beta of 3.19, is up over 123% in the past six months, currently trading at $7.66. This sale was made pursuant to a predetermined Rule 10b5-1 trading plan, which was adopted by Lentell on September 5, 2024. The transaction was primarily aimed at covering tax liabilities and other costs associated with the settlement of restricted stock units. According to InvestingPro analysis, Archer Aviation maintains a fair value rating and shows FER’s overall financial position, with 12+ additional insights available to subscribers. After the sale, Lentell no longer has a stake in the company.
In other recent news, Archer Aviation is advancing the commercialization of its electric vertical takeoff and landing (eVTOL) aircraft. The company reported a strong liquidity position in its third quarter 2024 earnings report, with more than $500 million in cash reserves. Additionally, Archer Aviation’s partnership with Stellantis (NYSE: ) has been strengthened, 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 $11.00 price target. The company 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 aircraft order book of about $6 billion.
Despite non-standard operating expenses for the third quarter of 2024 of $96.8 million, with an expected increase to $95 million to $110 million in the fourth quarter due to higher engineering and manufacturing costs, Archer continues to receive strong demand for early delivery of the aircraft. These recent developments indicate a positive market response and investor confidence in Archer Aviation’s long-term prospects.
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