TLDR
- ARK Invest bought about $6.3 million of Archer stock across three funds, and the stock was up 3.18%.
- Q3 revenue hit $5.10 million, beating the $3.57 million estimate, while the loss was 35 cents per share.
- Cantor Fitzgerald cut its target to $10 and Needham cut to $7, and both kept buy ratings.
- The Midnight aircraft received an FAA market-survey certificate for piloted flights in Los Angeles.
- Insiders sold 176,657 stock units worth $1.12 million over the last 90 days.
Archer Aviation (ACHR) stock was up 3.18% in the latest quote after ARK Invest added to its position. The buy was worth about $6.3 million at Tuesday’s close, or roughly $4.70 per unit.
Cathie Wood’s firm spread the purchase across three funds. ARK Innovation took 1,021,635 of the 1,341,239 total.
ARK Autonomous Technology & Robotics bought 147,118. ARK Space Exploration & Innovation added 172,486.
The trade followed Archer’s third-quarter report. The stock had jumped 8.3% in premarket trading after the results.
What Archer Reported
Revenue came in at $5.10 million, above the $3.57 million analysts expected. That is a beat of about $1.5 million.
The loss was 35 cents per share. Analysts had forecast 34 cents.
Archer ended the quarter with roughly $1.4 billion in cash. Management also pointed to progress on its Boeing-related acquisition and defense work.
The company expects to close the purchase of the Boeing subsidiaries before year-end. That is one item on the calendar.
Its Midnight aircraft received an FAA market-survey certificate for piloted operations in Los Angeles. It is a testing step, not approval for regular passenger service.
Los Angeles has also picked Archer as its air-taxi operator for the 2028 Olympics. The company is planning passenger service for 2027.
Cantor Fitzgerald cut its price target to $10, and Needham cut its target from $9 to $7. Both kept buy ratings.
Barclays upgraded the stockt o overweight in October and raised its target from $4.50 to $8. MarketBeat counts six Buy ratings, one Hold and one Sell, with a consensus target of $10.58.
Insiders and Institutions
Insiders have been on the other side of the trade. Eric Lentell sold 100,000 of his Archer stock at $6.31 in August under a pre-arranged plan, cutting his position by 54.05%.
CFO Priya Gupta sold 10,015 units at $6.41 to cover taxes on vested equity awards. Over the last 90 days, insiders sold 176,657 units worth $1,122,371.
Institutions own 59.34% of the company, while insiders hold 5.55%. Sumitomo Mitsui Trust Group grew its stake by 7.3% to 8,072,347 units, worth about $40.12 million.
The newest filing comes from Fulcrum Asset Management. It raised its stake by 6,398.7% in the third quarter to 241,492 units, worth about $1.22 million.
