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Why Archer Aviation Stock Is Flying High Today

TheMotleyFool 
0 0 28.06.23
Why Archer Aviation Stock Is Flying High Today: https://g.foolcdn.com/editorial/images/737931/yellow-electric-air-taxis-over-a-cityscape.jpg
 

Shares of San Jose-based flying taxi company Archer Aviation (NYSE: ACHR) took off Wednesday morning, rising 14% through 1:15 p.m. ET -- and they're not looking back. It's no great mystery why.

This morning, in an SC 13D/A filing with the Securities and Exchange Commission (SEC), Archer revealed that automobile company Stellantis (NYSE: STLA), maker of Dodge Ram trucks and Jeep SUVs, has taken a 10.6% stake in the maker and operator of electric vertical take-off and landing (eVTOL) aircraft.  

According to the filing, Stellantis paid $25 million to acquire 6.3 million shares of Archer Aviation stock at an average price of $3.94 per share. Far from selling its shares at a loss in order to grab cash, therefore, it appears Archer was able to convince Stellantis to pay a premium -- last night, Archer shares closed at just $3.39 per share.

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Source Fool.com

Archer Ltd Stock

€0.069
16.750%
Archer Ltd dominated the market today, gaining €0.010 (16.750%).

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