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Archer Aviation Inc (NYSE:ACHR) shares are trading marginally higher Friday afternoon, shrugging off a volatile session following a new short report from Hunterbrook Media. Here’s what investors need to know.
What To Know: The report, which has circulated widely among traders on Friday morning, alleges that Archer failed to deliver on its promise to fly its Midnight eVTOL at the Dubai Airshow.
While competitor Joby Aviation Inc (NYSE:JOBY) conducted repeated public flights, Hunterbrook claims Archer's aircraft remained a static display. The firm further alleges that the flight test footage Archer promoted during the event was actually filmed at Al Ain International Airport, over 50 miles away from the Airshow.
Benzinga has reached out to Archer Aviation for comment on the report’s allegations.
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Additionally, the report highlights a new lawsuit filed by Joby against Archer and a former employee, George Kivork, alleging trade secret theft and inducements to breach contract.
Hunterbrook Capital also disclosed it holds a short position in Archer and a long position in Joby. Despite the accusations, Archer stock has shown resilience, ticking slightly upward on Friday afternoon.
Benzinga Edge Rankings: According to Benzinga Edge data, Archer Aviation currently holds a Momentum score of 27.89.
ACHR Price Action: Archer Aviation shares were up 2.33% at $7.03 at the time of publication on Friday, according to Benzinga Pro data.
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Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Archer Aviation’s case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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