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Why Is Tingo Group (TIO) Stock Down 31% Today?

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  • Tingo Group (TIO) stock is dropping after delaying its second-quarter earnings report.
  • This is due to the company conducting an internal audit of its finances.
  • That follows a short report from Hindenburg Research.
TIO Stock - Why Is Tingo Group (TIO) Stock Down 31% Today?

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Tingo Group (NASDAQ:TIO) stock is falling on Tuesday after the fintech company announced that it’s delaying the release of its latest earnings report.

According to a press release from Tingo, the company is postponing the release of its earnings report for the second quarter of 2023. It’s doing so in response to a short report from Hindenburg Research.

Tingo Group notes that it is continuing to conduct an independent review following the allegations made in that short report. As a result of this, both independent auditors and the company need more time before they can release the earnings report.

Tingo also notes that, with this delay come other delays. It isn’t releasing its Q2 earnings report yet, which means it only makes sense to delay its Form 10-Q filing. Additionally, the firm is pushing back the conference call for its report as well.

How This Affects TIO Stock on Tuesday

Investors aren’t happy about Tingo delaying its earnings report yet again. As a result, investors are selling shares, which has promoted strong trading of TIO stock. As of this writing, more than 1.2 million shares have changed hands. For comparison, the company’s daily average trading volume is about 8.1 million shares.

TIO stock is down 30.5% as of Tuesday morning. Even so, the company’s shares are up 46.3% year-to-date (YTD) as of yesterday’s close.

Investors can keep reading for even more insight into the latest stock market news for Tuesday!

We’ve got breakdowns of all the biggest stock market stories traders need to know about today. A few examples of that include why shares of G Medical Innovations (NASDAQ:GMVD) and Axcella Health (NASDAQ:AXLA) stock are rising today, as well as the biggest pre-market stock movers this morning. You can find out more on these matters at the links below!

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On the date of publication, William White did not hold (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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/08/why-is-tingo-group-tio-stock-down-31-today/.

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