We recently published a list of Last Week’s 10 Best-Performing Stocks. In this article, we are going to take a look at where Archer Aviation Inc. (NYSE:ACHR) stands against other last week’s best-performing stocks.
Ten firms outperformed Wall Street’s three major indices over the past week, clocking in double-digit gains on the back of a flurry of company developments that sparked buying appetite.
On a week-on-week basis, the Dow Jones rallied by 1.19 percent, the S&P 500 increased 0.5 percent, and the tech-heavy Nasdaq inched up 0.16 percent.
Meanwhile, 10 firms finished stronger with gains of 10 to 20 percent. In this article, let’s explore the names of last week’s best performers and the reasons behind their rallies.
To come up with the list, we only considered the stocks with at least a $2 billion market capitalization and $5 million in trading volume.
A technician assembling an electric aircraft, highlighting the company’s manufacturing capabilities.
Archer Aviation Inc. (NYSE:ACHR)
Archer Aviation jumped by 10.37 percent week-on-week to close at $8.72 apiece on Friday from the $7.90 finish on March 14, as investors took heart from its recently sealed partnership with Palantir Technologies Inc. (NASDAQ:PLTR) for the development of next-generation aviation software that aims to tap artificial intelligence to improve route planning, as well as air traffic and movement control.
In a statement, ACHR said the partnership would leverage the Palantir Foundry and AIP to accelerate ACHR’s aircraft manufacturing capabilities and its facilities in Georgia and Silicon Valley as part of its commitment to advance the development of software solutions to drive innovation across the entire value chain.
“While the aviation industry has an unmatched level of safety, much of the legacy technology supporting the industry has only incrementally advanced. AI and software present an inflection point that will shape the future of aviation,” said ACHR founder and CEO Adam Goldstein.
For his part, PLTR CEO Alex Karp said that the partnership would redefine the future of flight, making it not only more efficient but also more accessible.
“By integrating [PLTR’s] advanced AI capabilities with [ACHR’s] innovative approach to aircraft manufacturing and operations, we are setting the stage for a transformative leap in efficiency, safety, and sustainability,” he added.
Overall, ACHR ranks 10th on our list of last week’s best-performing stocks. 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 as promising as ACHR but 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.
