Backed by an 184% bump over the previous month and almost a 200% rise over the past six months, Archer Aviation Inc. (ACHR, Financial) stock is marching ahead to its 52-week high of $9.84, well outpacing the 15% gain over the same period in the S&P 500.
Key events and alliances have helped the company's stock to be lifted. Archer has signed a $500 million contract with Soracle, a joint venture between Japan Airlines and Sumitomo Corporation, to deliver up to 100 Midnight eVTOL (electric vertical takeoff and landing) aircraft, increasing its worldwide footprint in urban air mobility.
With the Federal Aviation Administration creating a new aircraft category for electric air taxis, enabling Archer's commercial activities, the company has made major inroads with U.S. authorities. Archer's alliance with Stellantis NV (STLA, Financial) grew further as the carmaker committed $55 million to hasten eVTOL manufacture. Technically, Archer accomplished speeds over 100 miles per hour by completing transition flights for its Midnight aircraft, therefore attaining a crucial certification mark.
These developments have strengthened Archer's position as a top participant in the eVTOL market, therefore boosting investor confidence and supporting the stock's recent outstanding performance.
