5 Hot Penny Stocks To Buy

3. Archer Aviation Inc. (NYSE:ACHR)

Number of Hedge Fund Holders: 18

eVTOL aircraft company Archer Aviation Inc. (NYSE:ACHR) ranks 3rd in our list of the hot penny stocks to buy according to hedge funds. Archer Aviation Inc. (NYSE:ACHR) shares have gained about 50% over the past one month. Recently, Reuters reported that the acting administrator of the Federal Aviation Administration Billy Nolen was in talks to join Archer Aviation Inc. (NYSE:ACHR).

18 out of the 943 hedge funds tracked by Insider Monkey were long Archer Aviation Inc. (NYSE:ACHR) as of the end of the first quarter of 2023.