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Midnight eVTOL.
The AAM Stock Composite rose 4% during the week ending July 5, lifted by gains in Archer and EHang.
Archer was the biggest gainer on the week, rising 25% to $4.40. The company’s shares have rebounded since bottoming out at around $3 in mid-June, boosted by the first successful transition with its full-scale Midnight air taxi. Following the initial transition, automotive company Stellantis injected a further $55 million into Archer, part of an existing milestone-based strategic partnership.
EHang also had a good week, rising more than 7% to $14.59. The Chinese company recently announced up to 300 orders from the Wencheng County Municipal Government in Wenzhou, Zhejiang Province, as well as a strategic partnership with China Southern Airlines.
Embraer spinoff Eve Holding was the biggest loser last week, falling more than 17% to $3.36, its lowest weekly close on record, following the announcement of a dilutive $94 million capital raise. The company’s shares are down more than 40% since late May.
Both Lilium and Vertical Aerospace remained stuck in sub-dollar territory, at $0.85 and $0.75, respectively, amid continued worries about their financial runways. Bristol, UK-based Vertical announced late last week that it will not be flying public demonstrations as planned at the Farnborough Airshow, choosing instead to prioritize development and flight testing of its second-generation VX4 demonstrator.
Joby was little changed last week, at $5.05.
Other smaller advanced air mobility (AAM)-related penny stocks, including Horizon Aircraft, Surf Air Mobility and XTI Aircraft, continue to plumb new lows at or below $0.50.
The 4% gain in the AAM Stock Composite last week compared to a 2% rise in the S&P 500.
All told, the AAM Stock Composite has fallen nearly 25% year-to-date, compared to a roughly 17% rise in the S&P 500.
