Shares of financial services and mobile payment company Square dropped Monday after a critical tweet by short-seller Andrew Left’s Citron Research, CNBC reported April 30. Citron claimed excitement for Square’s Bitcoin (BTC) trading solution was exaggerated.
Citron called Square a “collection of yawn businesses” in a tweet Monday afternoon, adding that the payment operator’s “SQ-Cash to BTC trading has been insignificant”. Immediately afterwards, Square’s stock dropped 3.8 percent to $45.76 per share. The price then recovered most of its losses and closed at 0.48 percent lower than its start-of-day value.
$SQ Short term tgt $30 started as innovative pymt co. – now just another processor. 15x rev growing slower than $FB. Collection of yawn businesses. WallSt drunk on Bitcoin nonsense, SQ-Cash to BTC trading has been insignificant. Even w/ hyper growth still 40% too rich
— Citron Research (@CitronResearch) April 30, 2018