Why These Defense Stocks Are Declining This Week

4. Archer Aviation Inc. (NYSE:ACHR)

Weekly Decline: -15.32%

Archer Aviation Inc. (NYSE:ACHR) is an aerospace company, headquartered in San Jose, California, engaged in the development of eVTOL aircraft. On February 11, the company announced raising $300 million from leading institutional investors to accelerate the development of a hybrid aircraft platform for the defense market.

However, the stock has been on a slide over the past month, amid reports of DOGE looking to make cuts at the DoD. It is important to note that Archer Aviation Inc. (NYSE:ACHR) entered into a $148 million air taxi agreement with the US Air Force in 2023.

Archer Aviation Inc. (NYSE:ACHR) is among stocks that are declining this week, with a dip of over 15% during the period. Despite the slump, analysts remain bullish on the stock, with a consensus Strong Buy rating and an average share price upside potential of 54%.