Cathie Wood loads up on shares of Archer Aviation Inc

Archer Aviation Inc (NYSE: ACHR) is in focus today following news that Cathie Wood loaded up on shares of the eVTOL company last night.

How much of Archer Aviation stock did she buy?

The famed investor decided in favour of increasing her exposure to $ACHR as a broader market decline pushed it down some 8.0% on Tuesday.  

Wood bought 800,272 shares of Archer Aviation in total split across three of her exchange-traded funds – which together now hold a little under 23.5 million shares of the company based out of San Jose, California.

The news arrives just days before Archer Aviation is scheduled to report its financial results for the fourth quarter. Consensus is for it to lose 35 cents a share versus 39 cents per share a year ago.

Wall Street remains bullish on $ACHR

In January, Archer Aviation announced a Space Act Agreement with NASA (National Aeronautics and Space Administration) aimed at studying high-performance battery cells as Invezz reported here.

The New York listed firm also partnered with Wisk Aero – air taxi unit of the Boeing Co on autonomous flight technology last year. $ACHR wants its commercial operations to go live in 2025.

Wall Street currently has a consensus “buy” rating on Archer Aviation stock.

Also this week, the founder and chief executive of Ark Invest spend more than $23 million to increase her stake in Pinterest Inc – shortly after the social media stock tanked on disappointing Q4 revenue and muted guidance for the future.