It’s not everyday you see $20 company get smacked right up side the head with a $3 price target, but today was that day for Sky-Mobi Limted (MOBI).
In a report issued by Citron this morning… which just so happens to follow their previous slam of LEXG, shorts poured into MOBI as longs ran for the door with each bounce getting met with more and more selling as sellers trampled each other.
The author says, “MOBI is not a leading application store in China. Even more important, MOBI is not a play on the Chinese mobile internet / social networking market. MOBI is not a tech company and does not have market share or disruptive technology.”
With what appears to be support around $13.00… MOBI continued the free fall in after hours trading at $12.91 down 24.27% on the day.