Here's Why Archer Aviation Stock Took Off, and Then Quickly Returned to Earth, on Friday
Aerospace start-up Archer Aviation (NYSE: ACHR) announced a new collaboration deal with Boeing (NYSE: BA) and $215 million in new funding. Investors were initially excited, sending Archer shares up 19% at the open Friday. But as the day went on, the stock has given up those gains, perhaps because investors are digesting the details of the deals.
Archer is one of several companies developing electric airplanes capable of vertical takeoffs and landings, or eVTOLs. Advocates envision these so-called flying taxis flying over city traffic jams or connecting city airports to nearby suburbs.
This is still experimental tech, and a race is on between Archer and rivals including Joby Aviation, Lilium, and Vertical Aerospace to get their designs certified and in the air.
Source Fool.com
