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.

From electric vehicles like Tesla to ride-sharing platforms like Uber Technologies, people have many different ways to get around these days. Many companies are working on electric air taxis, including publicly traded stock Archer Aviation (NYSE: ACHR).