Mobileye and GoPro both got hammered today following a pair of tweets from Citron Research. The firm’s comments tend to crash the markets—even when they’re unclear about which company they are talking about. Citron called Mobileye the “short of the year” last month while also saying that GoPro was 2015’s short of the year.
Citron confuses Wall Street
Shares of GoPro may be down for more than one reason today. One could be related to Citron’s tweet which actually was about Mobileye. The firm tweeted:
$MBLY CItron not making the $GPRO mistake, stock is still overvalued as a teenager. At $10 it is still an EXPENSIVE $1.8 bil company
— Citron Research (@CitronResearch) January 19, 2016
As you can see, it’s not exactly clear whether the firm was commenting on Mobileye or GoPro. For clarification, after more than one media outlet reported that the firm had tweeted about GoPro (which currently is hovering at around $10 a share), the firm issued a second tweet:
Correction to Fly On Wall and others: My tweet topic is $MBLY — if stock is $10, it would be still overvalued at $2.1 bil. Longs warned!
— Citron Research (@CitronResearch) January 19, 2016
The other reason GoPro shares are falling is probably a bearish report from Oppenheimer.
Mobileye, GoPro dropping to 52-week lows
While the broader market has seen a selloff of late, both Mobileye and GoPro have gotten killed. The former has lost more than 32% so far year to date, including more than 6% of its value today. The stock is at $28.09 as of this writing in heavy trading as more than 7 million shares have already changed hands today. The average daily trading volume on the stock is 5.36 million shares. As a reminder, the stock’s 52-week high is $64.48.
GoPro has been seeing record lows this year, falling another 8.36% to $10.50 per share after once trading at more than $65 a share. Year to date, GoPro is down more than 40%.
