Archer Aviation (ACHR) said its Midnight aircraft reached 7,000 feet during a recent test flight at the company’s site in Salinas, California. After takeoff, the aircraft climbed steadily, leveled off at altitude, and then covered 45 miles at speeds above 120 mph.
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This achievement is part of Archer’s effort to expand the aircraft’s test range. eVTOL aircraft such as Midnight are designed mainly for city trips at altitudes between 1,500 and 4,000 feet. Yet the ability to fly higher gives added flexibility for managing air traffic and supports operations in cities located at higher elevations.
Meanwhile, ACHR shares dropped 2.90% in yesterday’s trading, closing at $9.71.
Progress Toward Future Service
The flight followed a record set last month when Midnight reached a new distance mark. Each milestone adds to Archer’s path toward Federal Aviation Administration approval and the company’s goal of commercial launch in 2025.
Meanwhile, Wall Street has been tracking Archer as it competes with other eVTOL firms working toward the same launch window. Although interest in the eVTOL industry continues to grow, the technology and its rollout remain speculative. As a result, steady progress in testing is key for Archer as it works to strengthen the case for future demand in urban transport markets in the United States and abroad.
Is Archer Aviation Stock a Good Buy?
Despite the speculative nature of the eVTOL industry, Wall Street analysts remain optimistic about the company. Based on seven recent ratings, Archer Aviation boasts a “Strong Buy” consensus with an average 12-month price target of $13.14. This implies a 35.32% upside from the current price.
