Archer Aviation (ACHR) Jumps 17.9% on Tesla eVTOL Buzz

We recently published 10 Stocks Investors Are Gobbling Up. Archer Aviation Inc. (NYSE:ACHR) is one of the top performers on Monday.

Archer Aviation extended its winning streak to a fourth straight day on Monday to be just 11 cents shy of its 52-week high, as investors snapped up on developments in the electric vertical take-off and landing (eVTOL) industry amid speculations that Tesla Inc. may soon join the sector.

During the session, Archer Aviation Inc. (NYSE:ACHR) soared to a five-month high of $13.81 before trimming gains to end the day just up by 17.89 percent at 413.64 apiece, purely due to social media buzz that the Elon Musk-led firm was officially making foray into the eVTOL sector, following a short video on social media that showed a rolling turbine with its logo in it.

The video ended with the numbers “10/7,” which many interpreted as October 7, the potential launch date.

Meanwhile, the rally on Archer Aviation Inc. (NYSE:ACHR) was due to investor expectations for a potential partnership with Tesla, although the company declined media requests for confirmation.

In other news, Archer Aviation Inc. (NYSE:ACHR) recently announced a new $500 million aircraft order from Soracle Corporation—a joint venture company between Japan Airlines and Sumitomo Corp.—to bring advanced air mobility (AAM) services to Japan.

The investment covers the purchase of 100 Midnight aircraft in line with plans to offer an alternative mode of transportation in congested cities in Japan, such as Tokyo, Osaka, Nagoya, Hokkaido, Setouchi, and Okinawa.

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Disclosure: None. This article is originally published at Insider Monkey.