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’s Georgia facility and regulatory approvals may fuel future growth. See why ACHR stock remains a hold with a 15-28 month cash runway.

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

Joby took steps toward commercialization with a successful demonstration. The stock remains risky. The primary catalyst appeared to be a buy rating from Needham, which helped legitimize the development-stage sector that also includes Archer Aviation.

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.