Market Overview

Shopify Shares Recover From Morning Low, Still Down $20 Since Citron Report

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Shopify Inc (US) (NYSE: SHOP) shares are trading lower by $3.60 at $99.70 in Thursday's session. That comes on top of Wednesday's decline of $13.51 ($116.81 to $103.30), which was instigated by a bearish report by Citron Research's Andrew Left.

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

After a lower open, trapped buyers nudged the stock lower until it finally bottomed at $93.31 and reversed course. That low comes in between a series of five consecutive from $92.77 to $93.47 back on Aug. 14-18.

It has come off that low with a vengeance and just reached triple digits around 11:37 a.m. EST, when traded up to $100.47. In order to erase of today's decline, it will need to reach Wednesday's closing price of $103.30.

Posted-In: Andrew Left Citron ResearchShort Sellers Technicals Intraday Update Movers Trading Ideas

 

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