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Archer Aviation Inc. (NYSE:ACHR) stock rose Monday after Cantor Fitzgerald reiterated its Overweight rating and $13.00 price target on the company. According to InvestingPro data, analyst targets range from $4.50 to $18.00, with the stock currently trading near $10.
The firm’s reiteration follows Archer’s June 2 announcement that it had completed a successful piloted test flight of its Midnight aircraft. During the test, the aircraft reached a cruising speed of 125 mph and a maximum altitude of more than 1,500 feet, with former U.S. Marine Corps member Jeff Greenwood serving as the test pilot.
Archer plans to proceed with its first piloted transition flight in the coming weeks, according to Cantor Fitzgerald. The company continues to advance its flight testing program as it works toward certification.
On June 12, Archer announced it had raised an additional $850 million through a direct offering of 85 million shares of its Class A common stock at $10 per share. This capital infusion has strengthened the company’s financial position.
The recent funding has provided Archer with a pro forma liquidity of approximately $2 billion, bolstering its balance sheet as it continues development of its electric vertical takeoff and landing aircraft.
In other recent news, Archer Aviation has secured $850 million in funding through a private placement, selling 85 million shares of Class A common stock to institutional investors. This capital raise follows executive orders signed by President Donald Trump, aimed at promoting the electric air taxi industry, which has facilitated Archer’s ability to attract investment. The funds are expected to enhance Archer’s manufacturing and certification efforts, particularly in light of its anticipated participation in the eVTOL Integration Pilot Program. H.C. Wainwright has raised its price target for Archer Aviation to $18, citing potential growth in the eVTOL and drone markets, especially within defense sectors. This optimism is supported by Archer’s existing contracts with the U.S. Department of Defense, which include the delivery of Midnight aircraft for various military missions. Cantor Fitzgerald maintains an Overweight rating on Archer, following a successful piloted test flight of its Midnight aircraft, marking significant progress in its testing program. Meanwhile, Canaccord Genuity has slightly lowered its price target to $13 while maintaining a Buy rating, as Archer’s cash position is expected to improve significantly. These developments reflect Archer Aviation’s momentum in advancing its eVTOL technology and expanding its market presence.
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