Updated Citron Report Card — The Scoreboard Doesn’t Lie

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*The market's run since January 2013 has been plenty challenging for shortsellers.   Keep in mind that headlines defined market conditions like this. :

Rising Markets Batter Short Sellers

Investors Betting Stocks Will Fall See Worst Losses in Decade

http://online.wsj.com/news/articles/SB10001424127887323423804579024883191034634

So we thought it was a good time to offer a review of our work.  We have certainly taken our share of bruises over that period, but we remain proud of the work product and research that we delivered to the investing community.  

Below you will see a summary of the past 16 months of Citron reports and the results of the covered stocks. While we believe we some of our losers can be attributed to “being early”, that is simply an occupational hazard of short selling.

 

Company

Ticker

First
Published

Opinion/
Position

Price When
  Published *

Current
Price

Outcomes

Plug Power

PLUG

3/11/2014

Short

10.00

4.61

53.90%

Medbox

MDBX

2/18/2014

Short

28.55

20.40

28.55%

Sodastream

SODA

2/6/2014

Long

36.50

42.25

15.75%

Organovo

ONVO

1/21/2014

Short

10.00

5.96

40.40%

Blackberry

BBRY

1/17/2014

Long

8.60

8.15

-5.23%

Textura

TXTR

12/26/2013

Short

30.33

17.85

41.15%

Voxeljet

VJET

11/20/2013

Short

40.00

15.91

60.23%

NuSkin

NUS

10/17/2013

Short

100.00

87.23

12.77%

Tesla

TXSLA

9/25/2013

Short

185.00

207.00

-11.89%

Usana

USNA

7/23/2013

Short

85.00

68.84

19.01%

Questcor

QCOR

7/10/2013

Short

59.46

82.25

-38.33%

World Acceptance

WRLD

5/14/2013

Short

90.00

72.36

19.60%

Chemed

CHE

5/10/2013

Short

63.90

82.63

-29.31%

Angie's List

ANGI

5/1/2013

Short

22.77

11.50

49.49%

UniPixel

UNXL

4/23/2013

Short

36.00

5.37

85.08%

3D Systems

DDD

2/14/2013

Short

60.00

47.70

20.50%

Intuitive Surgical

ISRG

1/17/2013

Short

461.67

363.00

21.37%

* In cases where we published multiple times on a stock, the price on each publication date was used to calculate an average cost basis

Summary

Positions

Gain

Loss

Long

2

1

1

Short

15

12

3

Cautious investing to all.