5 Best Penny Stocks to Buy in September

2. Archer Aviation Inc. (NYSE:ACHR)

Number of Hedge Fund Holders: 22

Share Price as of September 7: $3.465

Archer Aviation Inc. (NYSE:ACHR) was incorporated in 2018 and is headquartered in Palo Alto, California. It operates as an urban air mobility company, manufacturing and operating electric vertical takeoff and landing aircrafts to carry passengers. On August 10, Archer Aviation Inc. (NYSE:ACHR) announced a $10 million pre-delivery payment from United Airlines Holdings, Inc. (NASDAQ:UAL) for 100 electric vertical take-off and landing aircrafts.

On August 16, Deutsche Bank analyst Edison Yu raised the price target on Archer Aviation Inc. (NYSE:ACHR) to $12 from $10 and reiterated a Buy rating on the shares. After Q2 earnings from the eVTOL group, the analyst has more confidence that Archer Aviation Inc. (NYSE:ACHR) is “making fast and underappreciated progress” towards bringing an eVTOL to market.

According to Insider Monkey’s database, Archer Aviation Inc. (NYSE:ACHR) was part of 22 hedge fund portfolios at the end of Q2 2022, compared to 28 funds in the last quarter. Sculptor Capital held the leading stake in the company, comprising 2.90 million shares worth $28.5 million.