Cathie Wood‘s ARK Invest remains bullish on Archer Aviation (NYSE: ACHR), a company that specializes in electric vertical takeoff and landing aircraft for urban air mobility. Indeed, it has expanded its stake in the company. ARK Innovation ETF (ARKK) has purchased 0.199 million shares of ACHR, while ARK Autonomous Technology & Robotics ETF (ARKQ) bought 26,067 shares, and ARK Space Exploration & Innovation ETF (ARKX) acquired 7,334 shares.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
The company recently secured a $215 million investment from key players like Stellantis (STLA), Boeing (BA), United Airlines (UAL), and ARK Investment Management. Archer has also entered into a strategic partnership with Boeing and Wisk to advance autonomous flight technology, potentially saving substantial R&D costs.
ARK Innovation ETF (ARKK) has performed remarkably well this year, surging by more than 40% year-to-date.