TLDR
- ACHR rose 3% on Monday to close at $5.43, recovering some of Friday’s 2.59% decline
- The gain came alongside a broader market rally, with Joby Aviation (JOBY) also up nearly 5%
- President of Aircraft OEM Benjamin Lyon filed to sell 45,359 ACHR shares worth around $246,299
- Analyst consensus is Hold with an average price target of $11.50, well above current levels
- ACHR is still down nearly 28% year to date despite Monday’s move
Archer Aviation stock climbed 3.23% on Monday to close at $5.43, trading as high as $5.51 during the session. Volume came in at around 22 million, roughly 40% below the average daily level.
The move tracked a broader rally in growth and technology stocks. The Nasdaq 100 gained 2.83% and the S&P 500 rose 1.5% on the day. Falling oil prices and lower Treasury yields appeared to push investors back into higher-risk names.
Rival Joby Aviation rose 4.82% on the same day, suggesting the eVTOL sector moved together rather than on any Archer-specific news.
ACHR had fallen 2.59% on Friday, so Monday’s gain recovered a chunk of that slide. The stock remains down nearly 28% year to date.
Insider Filing to Sell
While the stock climbed, an SEC filing showed Benjamin Lyon, Archer’s President of Aircraft OEM, filed a Form 144 to sell 45,359 Class A shares. At Monday’s price, that block is worth roughly $246,299.
The shares came from a restricted stock vesting on August 15 as part of his compensation package. The sale is covered by a Rule 10b5-1 plan adopted on May 21.
Lyon had already sold 50,188 shares on August 17 for about $321,846, following the vesting of 95,547 shares. That left him holding exactly 45,359 shares, which is the full amount covered by the latest filing.
Other insiders have also been selling. CAO Harsh Rungta sold 13,880 shares at $6.41 on August 17. Insider Eric Lentell sold 100,000 shares at $6.31 on August 20. Total insider sales over the past 90 days came to 176,657 shares worth around $1.12 million.
Insiders hold 5.55% of the stock. Institutional investors own 59.34%.
Analyst Targets and Financials
Wall Street is cautiously positive on ACHR. Five analysts rate it Buy, three rate it Hold, and one rates it Sell. The consensus is Hold, with an average price target of $11.50, more than double the current price.
Wells Fargo has a $18.00 price target. Cantor Fitzgerald carries an overweight rating with an $11.00 target. UBS and HC Wainwright both have overweight and buy ratings respectively. Weiss Ratings is the lone Sell.
ACHR has a market cap of $4.17 billion and trades below its 50-day moving average of $5.53 and its 200-day moving average of $5.69.
In its most recent quarterly earnings, Archer posted a loss of $0.34 per share, matching estimates. Revenue came in at $5 million, well above the $1.94 million analysts expected.
Geode Capital Management raised its position by 14.9% in Q4. BNP Paribas grew its stake by 423.3% over the same period.
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