We recently compiled a list of the Why These 10 Stocks Are Skyrocketing. In this article, we are going to take a look at where Archer Aviation Inc. (NYSE:ACHR) stands against the other stocks that are skyrocketing.
Wall Street saw a quiet trading session this week amid the lack of major catalysts to perk up the market. Despite an overall thin trading volume, 10 companies managed to outperform and mirror gains of all major indices.
To come up with the Top 10 Gainers this week, we focused on stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.
Let’s take a look at Archer Aviation Inc. (NYSE:ACHR) and how it has performed so far.
A technician assembling an electric aircraft, highlighting the company’s manufacturing capabilities.
Archer Aviation Inc. (NYSE:ACHR) saw its share price this week grow by 12 percent to $10.78 apiece from the $9.64 opening price on Monday.
Just recently, the company announced it had raised $430 million in fresh capital, part of which will be used to develop a hybrid aircraft with defense technology company Anduril Industries. Investors included Stellantis, United Airlines, Wellington Management, and Abu Dhabi investment holding company 2PointZero, a subsidiary of UAE’s largest public company, IHC.
Archer is also underway with the development of an electric vertical takeoff and landing (eVTOL) aircraft called Midnight which is designed to hold a pilot with four passengers and luggage for urban trips of 20-50 miles at speeds of up to 150 miles per hour. It is also powered by six independent battery packs, each supporting a pair of electric engines.
Overall, ACHR ranks 5th on our list of stocks that are skyrocketing. While we acknowledge the potential of ACHR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ACHR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
