ACHR - Cathie Wood Just Doubled Down on This EV Stock -- and It Wasn't Tesla.
2023-10-13 05:21:00 ET
One of the most media-centric investors today is Cathie Wood , the CEO of Ark Investment Management. Ark Invest is the home to several exchange-traded funds (ETFs) that focus primarily on emerging trends in the big data and biotech sectors.
Although Wood's funds touch several different names in the stock market, the investor has been a longtime supporter of Tesla in particular. Recently, Wood has been buying loads of a different electric vehicle (EV) company, though. Flying taxi business Archer Aviation (NYSE: ACHR) is increasingly becoming a prominent feature among three of Wood's funds.
While the allure of a flying electric taxi might seem exciting, there is far more to Archer's business. Let's dig into the whole picture and assess if the stock is worth a position in your portfolio.
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Cathie Wood Just Doubled Down on This EV Stock -- and It Wasn't Tesla.