Archer Aviation's stock has risen sharply over the past year, but it could fly even higher if its air taxi service gains traction.

Shares of Archer Aviation ( ACHR -1.06% ) have fallen more than 33% from their high-water mark over the past few months. That's the second drawdown of that magnitude in the past year. And yet the stock is still up more than 150% over the past 12 months. That volatility is important to keep in mind because if you can't handle a bumpy ride, you won't want to buy this aviation startup no matter how positive the long-term opportunity seems.

What does Archer Aviation do?

At this point in its life, Archer Aviation builds aircraft for testing purposes. It is currently building a small vertical lift vehicle called Midnight that is meant for traveling short d

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