The flying taxi company is making huge strides and could be operational by next year. Is it time to buy the stock?

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.

Electric-powered aircraft maker Archer Aviation (NYSE: ACHR) has captivated investors with the potential to bring air taxis to everyday life and potentially ease traffic congestion that plagues many cities.

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.

Archer Aviation presents an exciting growth opportunity in the eVTOL market. If you're thinking about investing in eVTOL for the first time, read on for the ACHR stock report here.

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.