Archer Aviation falls after Culper Research says short on co

Shares of air-taxi maker Archer Aviation ACHR.N fall 2% to $11 in morning trade after short-seller Culper Research says it is short on ACHR

Says over the past 12 months, co has "systematically misled, deceived, or outright lied to investors about virtually every supposed milestone related to its development and testing of its eVTOL aircraft, Midnight"

"In our view, Archer’s continued promotion of near-term commercialization is not only premature, but reckless" - Culper Research

Last week, Los Angeles Olympic organizers selected ACHR to be the official air-taxi service for the 2028 Games

Last month, co announced plans for NYC air-taxi network in partnership with United Airlines UAL.O

7 of 9 brokerages rate the stock "buy" and 2 "hold"; their median PT is $13 - data compiled by LSEG

Including session moves, stock up 16% YTD