Archer Aviation (ACHR) stock is soaring today and just hit a new 52-week high. The popular electric vertical take-off and landing (eVTOL) company has enjoyed an excellent quarter with extremely strong growth, rising steadily on investor enthusiasm for the fast-growing sector. This afternoon, ACHR stock sailed past its previous high for the year of $6.70 and is currently trading at $8.18 per share.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
If this momentum continues, Archer could quickly pass the $10 mark, asserting itself as a leader among eVTOL stocks.
What’s Happening with Archer Aviation Stock?
It’s true that Archer Aviation stock has made significant progress today, reaching a new 52-week high with gains of 13% as of this writing. But ACHR has been trending upward for weeks and is currently up 125% for the past quarter. This type of progress over a three-month period is noteworthy, as Archer was traded at penny stock levels, hovering above $3 per share as it kicked off trading in September 2024. Now, it is rising steadily and showing no signs of slowing down, even as general market conditions remain uncertain.
Archer isn’t the only eVTOL stock that has been soaring lately. Joby Aviation (JOBY), a similar company in many ways, is also performing well, although JOBY stock is only up 62% for the past quarter. Both companies are trading at just above $8 per share, but Archer’s progress is undeniable and will likely make it a tempting play for investors seeking exposure to the eVTOL market, which is poised for growth in the coming years.
TipRanks’ Casey Dylan recently discussed the forces pushing ACHR stock up. He highlighted the shift in transportation that eVTOL makers are helping usher in, adding that it is “expected to rise into a massive $9 trillion market by 2050, with Archer’s first-mover status making it a potential heavy hitter in this industry’s early stage.” This puts ACHR in an excellent position to continue rising as more investors rush to bet on eVTOL stocks while prices remain low.
Wall Street Is Highly Bullish on ACHR Stock
Turning to Wall Street, analysts have a Strong Buy consensus rating on ACHR stock based on three Buys and one Hold assigned in the past three months, as indicated by the graphic below. After a 38% rally in its share price over the past year, the average ACHR price target of $9.38 per share implies 15% upside potential.
