Why is EBIX stock down today?
That’s a great question and one that doesn’t seem to have a solid answer. Even Ebix (NASDAQ:EBIX) itself is unsure as to what is behind the drop. The company put out a press release just to address the unusual drop in its stock today.
Here’s what Ebix has to say about its stock being down.
“Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries announced today that it is not aware of any news, events or tariffs that would negatively impact its financial and insurance exchanges and global operations. Nor its aware of any news or events that would justify the abnormal trading activity of its common stock today.”
One bit of news from Goldman Sachs may be behind the drop in EBIX stock today, but it doesn’t actually make much sense. The firm says that technology stocks are overvalued and that this is especially true for software stocks.
This might lead some to believe that the Goldman Sachs note it what is hitting EBIX stock. After all, Ebix is a software company. However, the Goldman Sachs report then goes on to mention that some companies in the market are still strong bets despite its warnings and Ebix is on that list, reports CNBC.
It’s really anyone’s guess why Ebix stock is down today.
EBIX stock was down 13% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.