Why These 10 Stocks Are Skyrocketing

5. Archer Aviation Inc. (NYSE:ACHR)

Archer Aviation saw its share price this week grow by 12 percent to $10.78 apiece from the $9.64 opening price on Monday.

Just recently, the company announced it had raised $430 million in fresh capital, part of which will be used to develop a hybrid aircraft with defense technology company Anduril Industries. Investors included Stellantis, United Airlines, Wellington Management, and Abu Dhabi investment holding company 2PointZero, a subsidiary of UAE’s largest public company, IHC.

Archer is also underway with the development of an electric vertical takeoff and landing (eVTOL) aircraft called Midnight which is designed to hold a pilot with four passengers and luggage for urban trips of 20-50 miles at speeds of up to 150 miles per hour. It is also powered by six independent battery packs, each supporting a pair of electric engines.