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On Monday, Cathie Wood-led Ark Invest made a significant move by continuing its buying spree of Archer Aviation Inc (NASDAQ:ACHR) shares.
The investment firm purchased shares worth nearly $3.9 million, emphasizing its bullish stance on the flying car company.
The Archer Aviation Trade: In total, Ark purchased nearly 604,000 shares of Archer Aviation. The transaction was valued at almost $3.9 million, based on the stock’s closing price of $6.39 on Monday. The purchases were made through ARK Innovation ETF (NYSE:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), and ARK Space Exploration & Innovation ETF (BATS:ARKX).
Ark Invest’s recent acquisitions of Archer Aviation shares come on the heels of the eVTOL aircraft maker’s significant milestones. The company recently secured a $215 million equity investment from industry leaders like Boeing Co (NYSE:BA), Stellantis N.V. (NYSE:STLA), and United Airlines (NASDAQ:UAL).
This boost in funding, combined with the FAA approval of Archer’s Midnight eVTOL aircraft and collaborations with Boeing and Wisk Aero for autonomous flight technology, places Archer Aviation in a favorable position in the eVTOL market. The company’s CEO, Adam Goldstein, remains optimistic about the U.S. government’s commitment to eVTOL aircraft and the ongoing collaboration with industry leaders.
See Also: Exclusive: Cathie Wood Says Bitcoin Is Key 2024 Election Issue For Young Voters
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