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Analysts defend Nearmap against short sellerâs attack
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Aerial mapping provider Nearmap, under attack from a high-profile short seller for allegedly using accounting tricks to boost its sales figures, has been backed by several analysts who played down the claims.
The ASX-listed company, which offers 2D and 3D aerial image services to customers such as government planning agencies, architects and solar providers, saw its shares slump more than 7 per cent to $2.16 on Thursday before going into a trading halt after Beijing-based J Capital alleged it has been hiding a poor performance in its crucial US market. Itâs not the first Australian tech stock under fire from short sellers, who look to make a profit from falling stock prices.