Flying cars were supposed to be the wave of the future. A lot of retail traders are betting that’s still the case.
Over the years, names like Archer and Joby Aviation have garnered heightened interest from everyday traders wagering on the cutting-edge tech to revolutionize transportation.
While retail has been early to other parties in the stock market, including EV makers like Tesla and space tech companies like AST SpaceMobile, Goldman Sachs thinks they might be overhyping the flying car trade.
EVTOL—short for electric vertical takeoff and landing—stocks have been volatile in 2026, with just one name in the space up year-to-date. Joby stock is up 70%, but its closest competitor Archer is down 22%. EVTOL producers BETA Technologies and Eve Holding are down 16% and 13% respectively.
Goldman flagged high retail investor participation as a big driver of volatility in the stocks.
Both JOBY and ACHR are heavily traded in the retail community, which likely drives further dispersion and volatility. The estimated amount of retail participation in JOBY and ACHR is more than double that of the S&P 500,” the analysts wrote.
In a note initiating coverage on several stocks in the sector, Goldman Sachs said it is actually more bearish on Joby than any other EVTOL stock, despite its success this year. It initiated coverage at a “Sell” rating.
“JOBY is the oldest company in the space with the most flight hours and a lead in certification,” said analyst Anthony Valentini. “It is focused on being a one-stop shop (OEM, supplier, operator) which means it has the largest market opportunity, but we believe the operator model will have regulatory hurdles and significant capital requirements.”
Among four main EVTOL stocks, only BETA Technologies has a “Buy” rating from the bank. Goldman said it is the sector’s best-positioned company, citing the recent sell-off as an attractive entry point. Valenti’s team also noted that BETA shares will likely benefit from the company’s decision to sell both motors and chargers.
The analysts initiated Neutral ratings for both Archer and Eve Holdings, noting that the latter is noticeably behind its competitors. They added that while Archer has moved quickly in less time than its peers, they are still approaching it with caution.
“Its lack of vertical integration means less aftermarket, and we believe lower margins,” Valentini said or Archer. “Its partnership with Anduril could prove to be the best defense offering in the industry, but without visibility into funding, it is difficult to underwrite.”
Retail traders aren’t known for following Wall Street’s guidance but in this case, they seem to prefer Archer to Joby, despite the stock’s performance. Stocktwits data from throughout 2025 has shown that they view Archer more favorably than the other flying car makers.
