Azzad Asset Management Inc. ADV Takes $31,000 Position in Archer Aviation Inc. (NYSE:ACHR)

Azzad Asset Management Inc. ADV purchased a new position in Archer Aviation Inc. (NYSE:ACHR) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 10,130 shares of the company’s stock, valued at approximately $31,000.

Several other hedge funds and other institutional investors have also modified their holdings of ACHR. Quadrature Capital Ltd bought a new stake in shares of Archer Aviation in the 4th quarter valued at approximately $578,000. HighPoint Advisor Group LLC bought a new stake in Archer Aviation in the fourth quarter worth approximately $75,000. Hennion & Walsh Asset Management Inc. increased its stake in shares of Archer Aviation by 196.6% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 32,681 shares of the company’s stock worth $151,000 after purchasing an additional 21,662 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Archer Aviation by 266.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 41,360 shares of the company’s stock worth $191,000 after purchasing an additional 30,075 shares during the last quarter. Finally, Swiss National Bank raised its holdings in shares of Archer Aviation by 2.3% during the 1st quarter. Swiss National Bank now owns 376,600 shares of the company’s stock valued at $1,740,000 after purchasing an additional 8,500 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Stock Down 4.9 %

ACHR stock opened at $3.03 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. The company has a 50-day moving average of $3.43 and a two-hundred day moving average of $3.76. The stock has a market capitalization of $978.76 million, a price-to-earnings ratio of -1.86 and a beta of 2.31. Archer Aviation Inc. has a 52-week low of $2.82 and a 52-week high of $7.01.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.07. As a group, equities research analysts anticipate that Archer Aviation Inc. will post -1.33 EPS for the current year.

Wall Street Analyst Weigh In

ACHR has been the topic of several analyst reports. Benchmark reissued a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research report on Friday, August 9th. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Monday. Finally, JPMorgan Chase & Co. upped their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Insider Buying and Selling

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of Archer Aviation stock in a transaction on Thursday, August 8th. The stock was purchased at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the acquisition, the insider now directly owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 27.17% of the stock is currently owned by insiders.

Archer Aviation Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.