ACHR - Why Archer Aviation Stock Soared Almost 15% Higher Today
2023-07-05 19:22:18 ET
Specialty aircraft developer Archer Aviation 's (NYSE: ACHR) stock had quite the upward trajectory on Wednesday. The company's shares rose by almost 15% on the day, in marked contrast to the 0.2% dip of the S&P 500 index. Investors very much liked that Archer showed its wares to a big group of representatives from a host of federal agencies just before this year's Independence Day.
On Monday, Archer held an event with the Federal Advanced Air Mobility (AAM) Interagency Working Group at its flight test facility. The Group comprises experts from agencies such as airline regulator the Federal Aviation Administration (FAA), NASA, and the White House tasked with evaluating products and services aimed at developing AAM.
The U.S. Department of Transportation defines AAM as "a transportation system that will move people and property by air using highly automated aircraft with advanced technologies in controlled and uncontrolled airspace within the United States. Archer is a potentially significant part of this, as it is a developer of electric vertical take-off and landing (eVTOL) aircraft.
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Why Archer Aviation Stock Soared Almost 15% Higher Today