Stock Market Today, May 18: Archer Aviation Extends Losses As Investors Look for Certification Progress
Archer Aviation (NYSE:ACHR), which develops electric aircraft for urban air taxi operations, closed Monday at $5.92, down 2.15%. The stock moved lower as investors focused on liquidity and execution risks.
Trading volume reached 56.2 million shares, about 78% above its three-month average of 31.6 million shares. Archer Aviation IPO'd in 2020 and has fallen 41% since going public.
How the markets moved today
S&P 500 (SNPINDEX:^GSPC) slipped 0.07% to 7,403, while the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.51% to finish at 26,091. Within aerospace & defense, industry peers Joby Aviation (NYSE:JOBY) closed at $10.35, down 0.10%, and Vertical Aerospace (NYSE:EVTL) ended at $2.43, falling 4.71%, underscoring pressure across electric vertical takeoff and landing (eVTOL) developers.
What this means for investors
Archer Aviation extended its losses today — the stock has fallen by more than 22% in the past six months. Although last week’s Q1 results beat analyst expectations, investors are concerned about its whopping $700 million annual cash burn.
It has $1.8 billion in liquidity, but it needs Federal Aviation Administration (FAA) certification before it can begin commercial operations in the U.S. and generate meaningful revenue. This month, Archer completed the third of four FAA certification phases, bringing it one step closer to launching passenger flights this year.
It is early days for the air taxi sector and Archer’s progress on pilot flights and regulatory approval will be key if the stock is to change direction.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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