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.

Archer Aviation insiders remain bullish on the eVTOL company. Several countries including Japan have partnered with ACHR.

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

The stock has nearly doubled over the past few weeks on optimism the company is getting closer to getting its eVTOL taxi business off the ground.

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The eVTOL sector continues to rally as investors eye the FAA approvals needed by the major players to begin operations in the U.S. Needham analyst Chris Pierce noted that the FAA has signaled the long-term importance of the air taxi space within the U.