Citron Research Hates Wayfair; Shares Lose 10%

Citron Research Tweeted on Friday that

has "the worst [business] model on the internet" and "no one would care" if the company were to simply "go away." Citron also placed a $5 price target on Wayfair's stock. Citron's Tweet sent shares of the home furnishings e-commerce merchant lower. Wayfair opened at $41.76 and drifted lower throughout the trading session. Following Citron's Tweet, the stock hit an intra-day low of $38.10, marking an approximate 10 percent plunge. Citron

back in August 2015 that Wayfair is "the most mispriced stock" it has "seen in years." "Wayfair makes Citron feel like apologizing to every company we have written about in the past 5 years," Citron said in its report in August. "Compared to Wayfair, … you all have viable business models. Any analyst who defends this stock is clueless about furniture retailing and even more clueless about e-commerce.