These 10 Stocks Were Sold Down Today, And Here’s Why

2. Archer Aviation Inc. (NYSE:ACHR)

Archer Aviation snapped an eight-day winning streak on Monday, slashing 14.36 percent to end at $11.39 apiece as investors resorted to profit-taking to take advantage of the recent price surge.

Last week, Archer Aviation Inc. (NYSE:ACHR) surged following news that it was tapped as the official air taxi partner of the 2028 Los Angeles Summer Olympics and Paralympic Games.

During the games, Archer Aviation Inc. (NYSE:ACHR) is set to feature its fleet of electric vertical takeoff and landing (eVTOL) aircraft, including the Midnight model, which can accommodate up to four passengers.

However, the aircraft has yet to secure the green light of the US Federal Aviation Administration (FAA). Archer Aviation Inc. (NYSE:ACHR) said it expects to receive the certification by the end of the year.

Once its air taxis kick off commercial operations, users are expected to be able to hail an air taxi through an application.

Archer Aviation Inc. (NYSE:ACHR) expects to launch its Midnight model in the UAE in the next few months, for its planned launch later this year.