Why Archer Aviation Stock Popped 10% on Tuesday

Shares of electric air taxi company Archer Aviation (NYSE: ACHR) soared 10.2% through 10:15 a.m. ET on Tuesday, marking its second straight day of gains after Deutsche Bank predicted the stock would double.

On Monday, the German investment bank made headlines when it reiterated its $12 price target on Archer stock -- a more than 130% gain over yesterday's closing price.

Archer released its third-quarter 2023 financial results on Friday, noting that it possesses $600 million in liquidity, including $461 million in cash and equivalents. The company announced plans to raise an additional $70 million through issuances of new stock on Monday.

Source Fool.com