Why Bill Holdings Stock Is Trading Down Today

BILL Holdings, Inc. BILL shares are trading lower on Thursday following a report suggesting the company is nearing a deal to acquire Melio Payments. Following the report, the company said it is not pursuing any such acquisition at the current time.

What To Know: The rumor stemmed from a Nov. 8 article issued by a news agency. However, on Thursday morning, it was announced that the rumor was false. Shares of Bill Holdings rose in response to the announcement, although the stock traded lower overall. Additionally, trading of the stock was halted and then resumed trading following Thursday's news.

The stock saw unusually high levels of volume as well. According to data from Benzinga Pro, the stock experienced above-average trading volume of 17.45 million shares compared to its average volume of 2.29 million.

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BILL Price Action: Shares of BILL were down 9.27% at $56.43 at the time of publication, according to Benzinga Pro.

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