Archer Aviation Stock Plunged 43% in the First Half of 2024; Here's How It Could Straighten Up and Fly Right in the Second Half of the Year
Soaring 228% in 2023, Aviation (NYSE: ACHR) stock made impressive progress toward regaining the altitude it had lost after its debut on the public markets in 2021. Sadly for Archer investors, however, the momentum hasn't extended into 2024, and shares of the electric air taxi stock have plummeted 43% during the first six months of the year -- an especially disconcerting development, considering the S 500 raced more than 14% higher during the same period.
But that's not to say that Archer, a developer of electric vertical takeoff and landing (eVTOL) aircraft, can't transcend the turbulence that it has recently encountered. Let's take a look at some things that could provide lift to the stock and help it find bluer skies.
Those with Archer stock on their radars are surely looking for the cause behind its tumble during the first half of the year. The irony, however, is that there wasn't a noteworthy reason for the decline. Instead of the company announcing a hiccup that would mean a delay in the rollout of its air taxi service, it's likely that the stock's decline stemmed from investors taking profits after shares soared last year.
Source Fool.com
