It has been a turbulent 30 days in the stock market for Archer Aviation (ACHR). It could become even more whipsaw for the eVTOL air taxi maker in the days to come.

Needham gave the stock a buy rating and a price target of $11, noting that industry momentum had reached a tipping point. Analyst Chris Pierce also said its $6 billion order book thanks to customers like United Airlines gave it confidence in the stock, and it saw a path to $3 billion in annual revenue.

Shares of several small capitalization aerospace and defense companies were down significantly in midday trading on Monday.

The Archer Aviation stock price has dived in the past few days. We explain whether the ACHR share price will rebound

Archer Aviation’s Georgia facility and regulatory approvals may fuel future growth. See why ACHR stock remains a hold with a 15-28 month cash runway.

Archer is soaring today after Needham initiated coverage on the stock with a bull rating. The firm's lead analyst on the stock gave it a buy rating and set a one-year price target of $11 per share, suggesting additional upside of roughly 116% as of this writing.