Why Archer Aviation (ACHR) Skyrocketed?

We recently published a list of 10 Biggest Gainers of Last Week. In this article, we are going to take a look at where Archer Aviation Inc. (NYSE:ACHR) stands against other biggest gainers of last week.

Investors gobbled up shares of predominantly technology companies last week, following announcements of multi-billion dollars of investments, quantum technology backing, and new contracts, among others. Let’s take a look at last week’s Top 10 Gainers and explore the reasons behind their impressive performance.

To come up with the biggest winners of last week, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

A technician assembling an electric aircraft, highlighting the company’s manufacturing capabilities.

Archer Aviation Inc. (NYSE:ACHR)

Archer Aviation saw volatile trading for its shares last week, even hitting an intra-week high of 21 percent to $10.52 and a low of $8.19, before gaining momentum to close the week at $9.51 apiece.

Archer bucked a bearish atmosphere brought about by the Federal Reserve’s hawkish interest rate forecast for 2025, after announcing that it officially completed the construction of its high-volume manufacturing facility in Georgia, signaling the start of production of Midnight, its electric vertical take-off and landing aircraft designed to offer passengers a sustainable, low-noise and safe alternative to ground transportation in congested cities around the world.

According to the company, it anticipates to produce two aircraft per month by the end of the next year. Although still in a pre-revenue phase, Archer’s ambitious plans are complemented by $6 billion in orders for its flying taxis and a push into defense partnerships with Anduril.

Overall, ACHR ranks 9th on our list of biggest gainers of last week. While we acknowledge the potential of ACHR as an investment, our conviction lies in the belief that some 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.