Shares of British/American cybersecurity firm Darktrace (GB:DARK) shares have fallen -16% this week after the circulation of a short report from Quintessential Capital Management spooked traders. A link to the short report can be found here.
The stock reached an all-time low of £1.98 by 1 pm on Tuesday before Darktrace’s management played down concerns to the market in a press release which recovered half of the day’s losses.
In the report, Quintessential analysts discuss how they are “skeptical about the validity of DARK’s financial statements and fear that sales, margins, and growth rates may be overstated and close to a sharp correction.”
The New York based hedge fund believes that…