5 Best Penny Stocks to Buy in July

2. Archer Aviation Inc. (NYSE:ACHR)

Number of Hedge Fund Holders: 28

Share Price as of July 11: $3.0100

Archer Aviation Inc. (NYSE:ACHR) is headquartered in Palo Alto, California, operating as ​​an urban air mobility company that designs and manufactures electric vertical takeoff and landing aircrafts to transport passengers. Upon the Russell 3000 index’s reconstitution on June 27, Archer Aviation Inc. (NYSE:ACHR) was one of the additions. 

JPMorgan analyst Bill Peterson on April 28 initiated coverage of Archer Aviation Inc. (NYSE:ACHR) with an ‘Overweight’ rating and a $7 price target. According to the analyst, Archer Aviation Inc. (NYSE:ACHR) is an emerging transportation company that is opting for a “pragmatic approach” to aircraft design and commercialization. With a balance sheet more robust than many peers, the company is positioned to execute on its strategy while being undervalued relative to the competition, contended the analyst.

Among the hedge funds tracked by Insider Monkey, 28 funds were bullish on Archer Aviation Inc. (NYSE:ACHR) in the first quarter of 2022, up from 26 funds in the preceding quarter. Daniel S. Och’s Sculptor Capital is the biggest stakeholder of the company, with approximately 3 million shares worth $28.60 million.