Archer Aviation (ACHR) Stock Tumbles 6% While Cathie Wood Loads Up
TLDR
- ACHR fell 5.66% on Wednesday, closing at $5.50, with no company-specific negative news driving the drop.
- Rising Treasury yields (10-year hit ~4.84%, a near three-year high) and a broader risk-off move pressured growth stocks.
- ARK Invest bought 575,700 ACHR shares on September 8, worth around $3.35 million.
- Archer is down roughly 27% year to date and 14.1% since its last earnings report.
- Wall Street holds a Strong Buy consensus on ACHR with an average price target of $11.60, implying over 110% upside.
Archer Aviation fell 5.66% on Wednesday, closing at $5.50. The move came with no fresh negative news from the company itself.
The broader market was the main culprit. The Nasdaq dropped 0.6% and the Russell 2000 fell 1.37% as rising oil prices and climbing Treasury yields pushed investors away from riskier assets.
The 10-year U.S. Treasury yield rose to around 4.84%, its highest closing level in nearly three years. The move came after the Treasuryโs planned $6 billion bond buyback disappointed markets.
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