Archer Aviation (NYSE: ACHR) stock is surging in Friday’s trading. The flying taxi company’s share price was up 7.7% as of 12:45 a.m. ET, and had been up as much as 12.5% earlier in the daily session.
Archer Aviation stock is seeing big gains today following the announcement of a new partnership to initiate and scale commercial flying taxi operations in Abu Dhabi. The company’s share price is now up roughly 153% over the last month.
Archer Aviation stock takes off again as the company lands new partnership
Archer Aviation announced today that it has entered into an agreement with multiple parties in the United Arab Emirates (UAE) and Abu Dhabi to develop and expand flying taxi operations in Abu Dhabi. The partners are aiming to make Archer the first manufacturer of electric flying taxis in the Middle East and North Africa, and the first to begin commercial operations in the United Arab Emirates.
What’s next for Archer Aviation stock?
Archer Aviation stock has been on an incredible ride lately. In November, bullish coverage from Needham’s analysts helped spur explosive gains for the company’s share price. The firm’s analysts detailed an optimistic outlook on receiving necessary regulatory approvals and moving forward with commercialization, and indicated that Archer had strong competitive positioning to take advantage of emerging industry opportunities.
Things then took a bearish turn to start this week following rising short interest on the stock and concerns that automaker Stellantis may become a less active partner following Carlos Tavares’ recent resignation as CEO. But after some big sell-offs, the stock has rebounded — and news of expanded partnerships in the UAE and Abu Dhabi have helped to reignite bullish momentum.
The recent moves for the company’s share price highlight the likelihood that Archer Aviation stock will continue to be highly volatile in the near term. On the other hand, the company appears to be making clear progress toward commercialization — and there seems to be a good chance that it will receive regulatory approvals needed to conduct its first commercial flights in the not-too-distant future.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool recommends Stellantis. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.