Shares of air mobility company Archer Aviation (NYSE:ACHR) are cruising higher today amid a slew of major developments.
Archer has bagged a $215 million equity investment from leading names, including Stellantis (NYSE:STLA), Boeing (NYSE:BA), ARK Invest, and United Airlines (NASDAQ:UAL). This brings the total funding received by Archer so far to $1.1 billion. Further, it has bagged approval from FAA to initiate test flights of its Midnight eVTOL aircraft.
The company has agreed to settle its litigation with Boeing and Wisk and now is entering into an autonomous flight collaboration with the two companies. The company is also on schedule to make an eVTOL aircraft delivery to the U.S. Air Force under its contracts with the DoD (Department of Defense) later this year.
The company also announced second-quarter numbers, with the net loss coming in at $184.1 million. Archer had a cash pile of $407.6 million at the end of the quarter and expects total operating expenses to hover between $75 million to $52 million in the third quarter.
Overall, the Street has a $7.90 consensus price target on ACHR alongside a Strong Buy consensus rating. Shares of the company have exploded by nearly 202% so far this year.
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