Archer Aviation (ACHR) shares rose sharply on Tuesday morning, reaching as much as 9.6% higher and closing up 7.4%. The move followed reports that Cathie Wood, CEO of Ark Investment Management, had been buying the stock, with ARK funds adding more than 1 million shares worth nearly $4.6 million at Monday's closing price. Last week, Archer announced plans to set up air taxi networks across Houston, Dallas-Fort Worth and Austin using its all-electric Midnight aircraft. The company still needs sign-off from the Federal Aviation Administration (FAA), which is in its final stages, and won't generate revenue from this business until approval is granted. The article also notes the stock has shed nearly 63% of its value over the past year, and the company will likely remain unprofitable for the foreseeable future.
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