Why Archer Aviation Stock Skyrocketed 204% in November
Archer Aviation's (NYSE: ACHR) electric vertical takeoff and landing (eVTOL) vehicles are still grounded, but the stock was taking flight last month as enthusiasm for the new short-distance transportation technology mounted. According to data from S&P Global Market Intelligence, the stock finished last month up 204%.
A surge in the second half of the month came after Needham initiated coverage on the stock with a buy rating after the Federal Aviation Administration (FAA) issued a new set of rules in October, clearing the way for the new vehicles to take flight.
As you can see from the chart below, the stock went parabolic shortly after the Needham note came out, soaring nearly every session after Nov. 18.
Source Fool.com
