Shopify Chopped After Citron Makes Bearish Call

Shopify Inc (US) SHOP shares are trading lower by $14.00, or 12 percent, at $102.81 in Wednesday's session. The stock has nearly tripled in 2017, peaking on Sept. 19 at $123.88 after ending 2016 at $42.87.

The catalyst for today's decline is a short report issued by Citron's Andrew Left, who pegs the stock's true value at $60.00 per share.

Related: Citron Calls Shopify's Business 'Dirtier Than Herbalife', Values Shares At $60

Interestingly, Shopify's stock was already in a free fall shortly before the tweet made its rounds at approximately 9:45 a.m. EST. The follow through on the decline has taken the stock to $100.75 and is attempting to remain in the $101.00 handle. That marks the lowest level for the stock since it bottomed on Aug. 23 at $97.14.