Needham gave the stock a buy rating and a price target of $11, noting that industry momentum had reached a tipping point. Analyst Chris Pierce also said its $6 billion order book thanks to customers like United Airlines gave it confidence in the stock, and it saw a path to $3 billion in annual revenue.

It has been a turbulent 30 days in the stock market for Archer Aviation (ACHR). It could become even more whipsaw for the eVTOL air taxi maker in the days to come.

The Archer Aviation stock price has dived in the past few days. We explain whether the ACHR share price will rebound

The stock has nearly doubled over the past few weeks on optimism the company is getting closer to getting its eVTOL taxi business off the ground.

Archer Aviation, a California-based company, designs, develops, and operates eVTOL aircraft that are used in air mobility. Check out my analysis of ACHR stock.

Archer Aviation insiders remain bullish on the eVTOL company. Several countries including Japan have partnered with ACHR.

But for 2024, analysts expect Archer Aviation to generate less than $1 million in revenue as it racks up a net loss of $467 million. With an enterprise value of $1.43 billion, Archer trades at more than 2,000 times that sales estimate.