13 Best Meme Stocks To Buy Right Now

6. Archer Aviation Inc. (NYSE:ACHR)

Number of Hedge Fund Holders: 34

Archer Aviation Inc. (NYSE:ACHR) focuses on designing, developing, and operating electric vertical takeoff and landing aircraft for urban transportation. The company has gained attention on Reddit’s WallStreetBets, becoming a notable meme stock. On March 3, Cantor Fitzgerald maintained its positive outlook on the stock, keeping an Overweight rating and a $13 price target. The stock has climbed 95% over the past year, and Andres Sheppard, an analyst at  Cantor Fitzgerald, remains optimistic about its long-term potential.

In Q4 2024, the company reported non-GAAP operating expenses of $98.3 million. For the full year 2024, expenses amounted to $380.6 million, up 22% from the previous year, mainly due to investments in workforce growth, materials, and one-time engineering costs to support aircraft development, testing, and manufacturing expansion. Cash used for operations and investments in 2024 totalled $450.6 million. Archer Aviation Inc. (NYSE:ACHR) also increased its year-end cash balance by $369.9 million compared to 2023, after securing $820.4 million through financing activities.

As per Insider Monkey’s fourth quarter database, 34 hedge funds were bullish on Archer Aviation Inc. (NYSE:ACHR), an increase from 24 funds in the last quarter. Cathie Wood’s ARK Investment Management was the largest position holder in the firm, with 29.9 million shares valued at $291.6 million.