Is today's big Archer Aviation sell-off a buying opportunity for investors worried about missing out on the stock?

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.

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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.

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

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 is soaring today after Needham initiated coverage on the stock with a bull rating. The firm's lead analyst on the stock gave it a buy rating and set a one-year price target of $11 per share, suggesting additional upside of roughly 116% as of this writing.

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.