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Why Archer Aviation Stock Popped 10% on Tuesday

TheMotleyFool

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Why Archer Aviation Stock Popped 10% on TuesdayPhoto, wide shot, wide-angle lens, Coal company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.midjourneyapi.xyz/temp/2a011bdc-adca-4de9-8457-d868b31178cf.png

Shares of electric air taxi company Archer Aviation (NYSE: ACHR) soared 10.2% through 10:15 a.m. ET on Tuesday, marking its second straight day of gains after Deutsche Bank predicted the stock would double.

On Monday, the German investment bank made headlines when it reiterated its $12 price target on Archer stock -- a more than 130% gain over yesterday's closing price.

Archer released its third-quarter 2023 financial results on Friday, noting that it possesses $600 million in liquidity, including $461 million in cash and equivalents. The company announced plans to raise an additional $70 million through issuances of new stock on Monday.

Source Fool.com