Cathie Wood’s Portfolio: 5 Stocks Under $10

3. Archer Aviation Inc. (NYSE:ACHR)

Number of Hedge Fund Holders: 26

Share Price as of April 15: $4.07

Archer Aviation Inc. (NYSE:ACHR) is an air mobility company that designs and manufactures passenger aircrafts. The company was incorporated in 2018 and is headquartered in Palo Alto, California. Cathie Wood’s fund boosted its Archer Aviation Inc. (NYSE:ACHR) stake by 98%, holding 11.3 million shares of the company at the end of December 2021, worth $68.2 million.

On March 9, 746,183 Archer Aviation Inc. (NYSE:ACHR) shares were purchased by director Lore Marc E in multiple transactions priced between $2.83 and $3.28. The total transaction was worth approximately $2.3 million.

Deutsche Bank analyst Edison Yu initiated coverage of Archer Aviation Inc. (NYSE:ACHR) on April 11 with a Buy rating and a $10 price target. The analyst believes that the aviation industry is as “ripe for generational disruption” as the electric vehicles market and expects the conventional aircrafts ultimately being replaced by electric aircrafts in metropolitan areas. 

According to the fourth quarter database of Insider Monkey, 26 hedge funds placed bullish calls on Archer Aviation Inc. (NYSE:ACHR), compared to 28 funds in the prior quarter. Glenn Russell Dubin’s Highbridge Capital Management is the biggest stakeholder of the company, with 2.3 million shares worth $22.7 million.