Cathie Wood's Bullish Stance on Flying Cars: Ark Buys $3.9M Worth of Archer Aviation Shares

On Monday, Cathie Wood-led Ark Invest made a significant move by continuing its buying spree of Archer Aviation Inc 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 ARKK, ARK Autonomous Technology & Robotics ETF ARKQ, and ARK Space Exploration & Innovation ETF 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 BA, Stellantis N.V. STLA, and United Airlines 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

Other Key Trades:

• Caterpillar Inc CAT – Sold 3,571 shares through ARKQ.
• Intellia Therapeutics Inc NTLA – Bought a combined total of 3,114 shares across different ETFs.
• Exact Sciences Corp EXAS – Sold 29,684 shares through ARKK.
• Accolade Inc ACCD – Bought 7,983 shares through ARKG.
• Phenomex Inc CELL – Sold 8,900 shares through ARKG.

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