Why Archer Aviation Stock Took Flight on Tuesday

Archer Aviation stock surged 7.4% on Tuesday following news that Cathie Wood's ARK Investment Management purchased over 1 million shares worth $4.6 million across multiple funds. The buying interest comes after Archer announced plans to establish air taxi networks in Houston, Dallas-Fort Worth, and Austin. However, the company still requires FAA regulatory approval and remains unprofitable, with shares down 63% over the past year.