Bloodbath on the Street: These 10 Stocks Crashed Hard

6. Archer Aviation Inc. (NYSE:ACHR)

Archer Aviation fell by 7.46 percent on Wednesday to finish at $9.93 apiece as investors took early profits amid the previous day’s surge, boosted by an investment firm’s bullish rating on its stock.

In its market note earlier in the week, Cantor Fitzgerald reaffirmed its “overweight” rating on Archer Aviation Inc.’s (NYSE:ACHR) stock, citing its strategic partnerships in the market, the latest being its collaboration with JetEx, which will support the deployment of electric air taxi services.

Cantor Fitzgerald also highlighted Archer Aviation Inc.’s (NYSE:ACHR) partnership with the Department of Defense, United Airlines, Stellantis, and Anduril as crucial in supporting the company’s advancement of commercialization efforts.

Earlier this month, Archer Aviation Inc. (NYSE:ACHR) raised as much as $850 million in fresh funds through the sale of 85 million shares at a price of $10 apiece. Proceeds from the offer will be used to finance new infrastructure and the rollout of an artificial intelligence-based aviation software platform.