Tag: Citron

Posted on

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.
Continue reading “Article: Shopify dives after short-seller Andrew Left of Citron Research shorts the e-commerce stock”

Posted on

Article: Citron Says the “Bidding Is On” for This Cannabis Company

Article - Media, Publications

Citron Says the “Bidding Is On” for This Cannabis Company

DANIEL LIBERTO, 19 December 2018

Famous short seller Andrew Left has high hopes for Aphria Inc. (APHA). In a research note, Left’s firm Citron Research claimed that the heavily shorted marijuana stock could hit $8 within the next two weeks because it has emerged as a prime acquisition target for either a major consumer packaged goods company or another marijuana producer.

“Expect an $APHA major partnership or total buyout SOON,” Citron tweeted on Tuesday after publishing its report. Citron’s bullish note, on top of news that Aphria expanded on an existing licensing agreement with Rapid Dose Therapeutics to offer its QuickStrip oral drug delivery system to customers in fast-growing marijuana market Germany, lifted the Canadian company’s shares 7.79% during Tuesday’s trading session.
Continue reading “Article: Citron Says the “Bidding Is On” for This Cannabis Company”

Posted on

Article: Short seller Andrew Left has his doubts about Canadian pot stocks, says he’s betting against Canopy

Article - Media, Publications

Short seller Andrew Left has his doubts about Canadian pot stocks, says he’s betting against Canopy

Thomas Franck, 14 November 2018

Citron Research’s Andrew left reiterated his bet against the Canadian cannabis industry Wendesday, telling CNBC that he’s short Canopy Growth and Cronos Group in addition to his already disclosed wager against Tilray.

Fielding a question from “Halftime Report” host Scott Wapner, Left said his doubts on the space aren’t confined to just one company. “I’m also short Cronos, I’m short Canopy, I’m short Tilray. So I’m short a basket of the names,” he said. “Once the U.S. licensed producers come on — the faster it becomes legal in the U.S., the quicker the Canada names go lower.”

“They won’t get the exposure in the U.S., they’re not players internationally,” Left added. “I don’t care how many press releases they put out, they’re not going to be shipping cannabis from Canada to Australia. Not happening.”
Continue reading “Article: Short seller Andrew Left has his doubts about Canadian pot stocks, says he’s betting against Canopy”

Posted on

Article: Citron’s Left calls Tilray surge its ‘worst day ever’ in market

Article - Media, Publications

Citron’s Left calls Tilray surge its ‘worst day ever’ in market

David Randall, 12 November 2018

NEW YORK (Reuters) – Andrew Left, one of Wall Street’s most prominent short-sellers, said Tilray Inc gave his firm its “worst day ever in the market” two months ago when its shares almost doubled in one session, but he remains bearish on the Canadian cannabis company.

Left, whose Citron Research has been betting against the stock since it traded in the $70s, was caught unprepared for the surge, which took the stock as high as $300 in intraday trading on Sept. 19, he told the Reuters Global Investment 2019 Outlook Summit in New York on Monday.
Continue reading “Article: Citron’s Left calls Tilray surge its ‘worst day ever’ in market”

Posted on

Article: Our Final Word on $TLRY before $50

Article - Media, Publications

Our Final Word on $TLRY before $50

Citron Research, 12 September 2018

Tilray management is not stupid. Just seven weeks ago Tilray decided to go public with an offering price of $17. This was done with much deliberation between them and their many bankers. With this price Citron believes they took into consideration all future deals and partnerships that the company had been planning.

The recent cannabis stock rally is a US phenomenon fueled by retail investors. Since August 15, US marijuana stocks Tilray and Cronos have significantly outpaced the performance of their Canadian traded peers.

Due to federal regulation, US listed stocks cannot have any operations in the US without losing their listings, whereas Canadian listed stocks can have US operations. The US will be the largest cannabis market in the world. Today, the California market is over 5x larger than all of Canada. Despite obvious logic, we’ve seen US retail investors pile into the US listed marijuana stocks.
Continue reading “Article: Our Final Word on $TLRY before $50”

Posted on

Article: Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Cronos Group, Inc. Investors (CRON)

Article - Media, Publications

Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Cronos Group, Inc. Investors (CRON)

BUSINESS WIRE, 04 September 2018

National law firm Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of persons and/or entities that acquired Cronos Group, Inc. (“Cronos” or the “Company”) (NASDAQ: CRON) securities between August 21, 2018, and August 30, 2018, inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants, under the Securities Exchange Act of 1934.

On August 30, 2018, Citron Research published an article entitled “Cronos: The Dark Side of Cannabis Space,” alleging, among other things, that the Company has been “deceiving the investing public by purposely not disclosing the size of its distribution agreements with provinces – unlike every other major cannabis player” and that this was because “the agreements are so small that they could never justify the premium investors are paying for the stock.” On this news, Cronos’ share price fell $3.62 per share, or over $28%, to close at $9.12 per share on August 30, 2018, on unusually heavy trading volume.
Continue reading “Article: Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Cronos Group, Inc. Investors (CRON)”

Posted on

Article: Cronos Stock Declines by 30% After Citron Blast

Article - Media, Publications

Cronos Stock Declines by 30% After Citron Blast

NATHAN REIFF, 31 August 2018

Canadian cannabis company Cronos Group, Inc. (CRON) fell by nearly 30% on Thursday following a damning prediction by Citron Research’s famous short-seller Andrew Left. According to MarketWatch, Left published a so-called “reality check” about the company and the future of the legal cannabis industry in general. Along with other factors, most importantly growing concerns about a federal pushback against marijuana legalization, Left’s report seems to have deflated several stocks in the burgeoning space. Along with CRON’s decline, fellow Canadian rivals Canopy Growth Corp. (CGC) and Tilray Inc. (TLRY) both fell, though by much smaller margins. (See also: Marijuana ETF Attracts $22 Million in August)
Continue reading “Article: Cronos Stock Declines by 30% After Citron Blast”

Posted on

Article: Cronos Group, Analyst Respond To Citron’s Short Report

Article - Media, Publications

Cronos Group, Analyst Respond To Citron’s Short Report

Wayne Duggan, 31 August 2018

Citron’s Andrew Left said Thursday morning that Cronos’ agreements are so small that they wouldn’t even come close to justifying the huge gains in the company’s market cap. Left said Cronos lags its Canadian cannabis peers in sales, trades at a steep premium to Canopy Growth Corp CGC 0.42% (which has a beverage deal in place), has a history of product recalls, has no U.S. business and is spending practically nothing on research and development.

“When looking at Cronos relative to other cannabis stocks that have yet to receive a ‘beverage deal,’ Cronos’ sky high valuation looks completely out of whack with fundamentals,” Left said.
Continue reading “Article: Cronos Group, Analyst Respond To Citron’s Short Report”

Posted on

Article: Cronos Group besieged by short-seller Andrew Left’s Citron Research, shares fall and end sharply up Friday

Article - Media, Publications

Cronos Group besieged by short-seller Andrew Left’s Citron Research, shares fall and end sharply up Friday

Ellen Kelleher, 31 August 2018

Shares in the Canadian cannabis group Cronos Group Inc (NASDAQ:CRON) have taken a tumble after the infamous short seller Andrew Left’s firm Citron Research delivered a pessimistic call on the stock. In a note to investors and via its Twitter feed, Citron Research charged that Cronos is the “most overhyped” of all the pot stocks and set a price target of US$3.50 on the Ontario-based company.

The stock fell by 28.4% to US$9.12 in Thursday’s after-hours session. Those losses were extended early on Friday when Cronos stock on the Nasdaq in New York slid another 4.5% to trade at US$8.70 in premarket business. But just as quickly, the stock reversed when trading got going on Friday. Shares climbed to a session peak of US$10.29 before ending 8.33% higher at US$9.88. The share rose 0.4% in after hours trade on Friday to US$9.92. In two days of trading, the stock had swung wildly from its lows to its highs.
Continue reading “Article: Cronos Group besieged by short-seller Andrew Left’s Citron Research, shares fall and end sharply up Friday”

Posted on

Article: Cronos CEO ‘confident’ about company’s disclosures amid Citron report

Article - Media, Publications

Cronos CEO ‘confident’ about company’s disclosures amid Citron report

David George-Cosh, 30 August 2018

Cronos Group Inc. (CRON.TO) chief executive Mike Gorenstein said he is “very confident” in the Toronto-based cannabis producer’s disclosures after a short seller released a report alleging that it was “deceiving” investors.

U.S.-based Citron Research published a report Thursday that advised investors to exercise caution in the growing Canadian cannabis space, highlighting Cronos with a price target of just $3.50 a share. The report sent Cronos shares down nearly 27 per cent on the Toronto Stock Exchange, triggering a stock circuit breaker and briefly halted trading in the company’s shares. When shares resumed trading, Cronos fell as much as 29 per cent before paring earlier losses. Despite the dramatic drop, the shares are still higher than they were just a week earlier.
Continue reading “Article: Cronos CEO ‘confident’ about company’s disclosures amid Citron report”

Posted on

Article: Marijuana Stocks Fall As Short Seller Says Pot Play Is ‘All Talk’

Article - Media, Publications

Marijuana Stocks Fall As Short Seller Says Pot Play Is ‘All Talk’

BILL PETERS, 30 August 2018

Marijuana stocks retreated Thursday after short seller Citron Research alleged that Canadian cannabis producer Cronos Group (CRON) was “all talk” and was omitting key details about the size of its distribution agreements. The company, Citron Research alleged in a report Thursday, “appears to have been deceiving the investing public by purposely not disclosing the size of its distribution agreements with provinces — unlike every other major cannabis player.”

“Our sources have informed us that it’s because the agreements are so small they could never justify the premium investors are paying for the stock,” Citron Research said. Cronos said it could not comment on the report. The company said its advisers had done “all the necessary due diligence under both US and Canadian securities law.” In arguing its case, Citron cited an Aug. 21 news release from Cronos that announced provincial supply agreements across Canada, without any details about how big those deals were.
Continue reading “Article: Marijuana Stocks Fall As Short Seller Says Pot Play Is ‘All Talk’”

Posted on

Article: Cronos: The Dark Side of The Cannabis Space Target Price- $3.50

Article - Media, Publications

Cronos: The Dark Side of The Cannabis Space Target Price- $3.50

Citron Research, 30 August 2018

Citron has a hot hand in cannabis lately. First Aurora ($ACB) and then in the last two weeks our trading calls played out to 70% returns. One long and one short (respectively: $TLRY and $CVSI). Citron would like to inform investors of caution on the ongoing and real green rush. Although the hype is big and the prohibition after 100 years is real, it is critical to understand that in the Canadian landscape, there are over 100 licensed producers and there will ultimately be more losers than winners.

While Canadian growers get ready for October 17 and the new age of recreational marijuana usage in Canada, Citron believes that there are a few truths that need to come to light with regards to Cronos. Cronos management appears to have been deceiving the investing public by purposely not disclosing the size of its distribution agreements with provinces – unlike every other major cannabis player
Continue reading “Article: Cronos: The Dark Side of The Cannabis Space Target Price- $3.50”

Posted on

Article: TILRAY: NEXT IN LINE IN A BUDDING CANNABIS INDUSTRY

Article - Media, Publications

TILRAY: NEXT IN LINE IN A BUDDING CANNABIS INDUSTRY

Citron Research, 15 August 2018

On Jan 3, 2018, Citron predicted that Aurora Cannabis would fall from the then $14 to $6.50. It currently trades at $6.19.

Today we state that you would have to be ‘high’ to short any of the marijuana names based on the recent investment by Constellation in to Canopy Growth, the largest investment in the space ($4bn).The premium paid to market shows confidence by Constellation that could rattle any short seller.

The opportunity now lies in finding the next company to get a white knight at a premium to market and to Citron that answer is easy- Tilray.

Citron believes that Tilray is best in class and if it were to get the same multiple we are assigning to Canopy, the stock would be trading at $45 a share.
Continue reading “Article: TILRAY: NEXT IN LINE IN A BUDDING CANNABIS INDUSTRY”

Posted on

Article: This small online retail stock will plunge if Facebook takes its data ‘punch bowl’ away, says short-seller Andrew Left

Article - Media, Publications

This small online retail stock will plunge if Facebook takes its data ‘punch bowl’ away, says short-seller Andrew Left

Thomas Franck, 26 March 2018

Citron Research’s Andrew Left, who’s gained notoriety for successful bets against companies such as Valeant Pharmaceuticals, on Monday posted a new bearish report on Shopify. Shares of Shopify fell more than 3 percent after Left disparaged the relationship between Shopify and Facebook as an “unholy alliance,” based on the exchange of personal information collected by Facebook and sold to Shopify “entrepreneurs.”

Founded in 2004, Shopify’s software helps merchants run their businesses across a variety of platforms, including web, social media storefronts, and brick-and-mortar pop-up shops. It assists merchants in managing products, processing orders and analyzing customer trends.
Continue reading “Article: This small online retail stock will plunge if Facebook takes its data ‘punch bowl’ away, says short-seller Andrew Left”

Posted on

Article: Canada’s Aurora dismisses Citron prediction for share drop

Article - Media, Publications

Canada’s Aurora dismisses Citron prediction for share drop

Nichola Saminather, 04 January 2018

Canadian marijuana producer Aurora Cannabis Inc on Wednesday dismissed claims from short-seller Citron Research that its stock was set to decline due to problems with its business model. Citron earlier on Wednesday said Aurora shares are poised to shed half their value. Aurora shares on Wednesday closed up 20 percent at C$14.18. They hit a 52-week low of C$1.90 in June.

Citron said in a report posted on Twitter that Aurora lacks a path to profitability, is spending too heavily on acquisitions and that stock sales by company insiders show a lack of confidence in the company’s future.
Continue reading “Article: Canada’s Aurora dismisses Citron prediction for share drop”

THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?