Archer Aviation (NYSE:ACHR) stock is on the move Tuesday following a short report against one of the electric vertical takeoff and landing (eVTOL) company’s rivals.
That short report comes from Kerrisdale Capital and targets Joby Aviation (NYSE:JOBY). This saw JOBY stock take a beating this morning and also dragged down other companies in the sector. ACHR stock was among them but has already recovered from that dip.
Kerrisdale Capital makes some major allegations against JOBY in its short report. The following is a quick highlight it sent out in an X post:
“Joby promises 100-mile range, 10k battery cycle life, and low cost. Investors will find out that’s IMPOSSIBLE. Accounting for reserve requirements, cutting edge Li batteries will enable 35 miles of range and a couple thousand charge cycles, at best.”
What This Means for ACHR Stock
Considering ACHR and JOBY are in the same market, it makes sense that a short report against one would affect another. However, neither stock remained down for long on Tuesday morning following the short report’s release.
As of Tuesday morning, shares of ACHR stock have more than recovered, with the company’s shares up 5% today. On that same note, shares of JOBY stock have also regained any lost ground today and are currently up 1.3% this morning.
Of course, there’s plenty of other stock market news that traders are going to want to know about today!
Fortunately, we’ve got you covered with our breakdowns of the biggest stock market stories on Tuesday! A few examples of these include what’s going on with shares of Unity Software (NYSE:U) stock, Ocugen (NASDAQ:OCGN) stock and Cloudflare (NYSE:NET) stock today. You can catch up on all of these matters by checking out the links below!
More Tuesday Stock Market News
- U Stock Alert: Unity CEO John Riccitiello Is Stepping Down
- Why Is Ocugen (OCGN) Stock Up 5% Today?
- NET Stock Alert: Cloudflare Discovers New Cyber Vulnerability
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
