Align Technology (NASDAQ:ALGN) stock is on the move today following the release of a short report from Unemon.
According to the short report, Align Technology is an overvalued stock that investors are going to want to short. Unemon argues that a recent increase in sales growth was only due to the Covid-19 pandemic and won’t continue now that things are settling back down.
Unemon says the following about ALGN’s stock rise during the pandemic.
“When lockdowns struck in early 2020, we think many people had their own eureka moment and saw a window of opportunity to come out of the pandemic with a bling smile, just as they thought it would be a great idea to set up a home gym, buy a peloton, or get a puppy.”
Unemon followed up this short report with a Tweet calling for the same thing. In that, it claims that “once big players digest it,” shares of ALGN stock will start to decrease in value.
The short report calling out Align Technology doesn’t seem to be rattling investors too much today. As of this writing, around 528,000 shares of the company’s stock have changed hands. That’s still below its daily average trading volume of 620,000 shares.
To go along with that, we did see ALGN stock dip lower in trading this morning. However, the stock has already recovered from that fall and was up around noon. Currently, shares of ALGN are down slightly as of Thursday afternoon.
Investors that want more of the most recent stock market news will want to keep reading!
We’ve got all the latest stock coverage that traders need to know about for Thursday. That includes what’s happening with shares of Vocera Communications (NYSE:VCRA), Bed Bath & Beyond (NASDAQ:BBBY), and Marathon Digital (NASDAQ:MARA) today. You can get all of those details from the following links!
More Stock Market News for Thursday
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- BBBY Stock Alert: Why Bed Bath & Beyond Is the No. 1 Trending Ticker Today
- MARA Stock Stays Afloat Amid Crypto Crash Thanks to Impressive December Report
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
