ACHR - Why Archer Aviation Skyrocketed 228% in 2023
2024-01-15 06:15:00 ET
To the delight of shareholders, Archer Aviation (NYSE: ACHR) found itself on a new trajectory in 2023, heading much higher after it lost a significant amount of altitude in 2022. In addition to receiving favorable attention from analysts, the electric air taxi company announced several encouraging deals last year to charge up investors' excitement.
According to data provided by S&P Global Market Intelligence , Archer Aviation stock rose 228% in 2023.
Trading mostly flat for the first five months of 2023, shares of Archer started to take off in June when analysts revealed auspicious outlooks on the stock. On June 9, Austin Moeller, an analyst at Canaccord , assigned a buy rating and set a $9 price target on Archer stock. At that time, Moeller's price target implied upside of 179%.
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Why Archer Aviation Skyrocketed 228% in 2023