Is it possible to teleport armor stands above specified items?

Solution 1:

Here is how you do it:

Repeating command block, always active:

execute at @e[type=item] run summon armorstand ~ ~ ~

If you want a less laggier version of this, connect this chain command block to your item-summoning command mechanism: Chain command block, always active:

execute at @e[type=item] run summon armorstand ~ ~ ~

I hope this helps.