Article: Shopify dives after short-seller Andrew Left of Citron Research shorts the e-commerce stock

Article - Media, Publications

Shopify dives after short-seller Andrew Left of Citron Research shorts the e-commerce stock

Ellen Kelleher, 04 April 2019

Shares of Shopify Inc (NYSE:SHOP) tumbled Thursday after famed short-seller Andrew Left of Citron Research went bearish and urged investors to short the Canadian e-commerce company. In a research note, Left and his team make the case that their newly-adopted short position stems from a “perfect storm” of business setbacks that will knock Shopify “off its high wire to $100 in the next 12 months.”

Growing fearful about Left’s predictions, investors sent Shopify shares down 6% to $192.75 in afternoon trade. In the past month, Citron says a lot has changed for Shopify as Square Inc (NYSE:SQ) announced it is revamping its online store; Mailchimp ended its partnership with the e-commerce site; and news surfaced that Microsoft (NASDAQ:MSFT) is launching a competitive offering to Shopify.

Read full Article