Archer Aviation Shares Drop Despite Flight Test Milestone

Archer Aviation (ACHR) shares fell more than 5% on Tuesday, closing at $9.29, despite achieving a significant milestone in its flight test program. The eVTOL company completed its longest piloted flight with the Midnight electric aircraft, covering 55 miles in 31 minutes at speeds exceeding 126 mph. Trading volume reached $270 million, ranking 382nd among all stocks for the session.

United Airlines (UAL), a key partner and early backer, observed the test flight. The airline has committed to adding Midnight to its fleet pending regulatory approval. Yet, investor sentiment remained cautious, with the stock shedding over 17% in the past three months.

The disconnect between technical progress and market performance highlights lingering skepticism in high-growth aviation ventures. Steady gains in speed and control—earlier tests hit nearly 150 mph—failed to offset broader concerns weighing on the stock.