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

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.

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.

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.

One of the most exciting new technologies on the stock market these days is electric vertical takeoff and landing (eVTOL) aircraft. Two companies are leading the charge in the development-stage technology: Archer Aviation (NYSE: ACHR) and Joby Aviation.