Why Archer Aviation Stock Is Sinking Today

Archer Aviation (NYSE: ACHR) stock is moving lower in Monday's trading. The flying electric vehicle (EV) company's share price was down 8.3% as of 2:45 p.m. ET. Meanwhile, the S 500 index and the Nasdaq Composite index were both down 0.8%.

Monday is the second-to-last day of trading in 2024, and many investors are selling stocks to book profits or take advantage of tax-loss harvesting opportunities. Speculative stocks that have experienced explosive gains recently are seeing particularly large sell-offs in the session, and Archer Aviation falls into that category.

Archer Aviation stock has been volatile in 2024, but overall, it has posted strong gains. Even with its significant pullback Monday, the share price is up 67.5% year to date.

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Source Fool.com