Citron Research
18 documents across the library, active from 2015 to 2026.
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Credit Acceptance Corporation CACC
Citron reverses course on CACC: with CFPB/NYAG overhang resolved Feb 13 2026, 61% of float retired, and an Amazon-bred CEO, fair value is $714 (16x 2026E EPS of $44.62).
Vishay Precision Group VPG
VPG is the unnoticed picks-and-shovels supplier of precision sensors to Tesla's Optimus humanoid program; at $300M market cap and 0.9x book, Wall Street has completely missed the asymmetric upside.
Nebius Group NBIS
Nebius — the de-Russified Yandex remnant now an AI cloud pure-play backed by Nvidia and Accel — is mis-priced ahead of analyst coverage; Citron sees $50+.
Multiple (portfolio update)
AGL short worked: $5 PT set when stock was $25, fell to target on unprofitable model
Edgio, Inc. EGIO
Edgio trades at 0.13x sales despite serving Microsoft, Amazon, and Verizon; a takeout or rerating to peer CDN multiples implies $65-$200 per share — 6-10x upside.
Apellis Pharmaceuticals APLS
Citron shorts Apellis, arguing its new Geographic Atrophy drug Syfovre faces an imminent FDA warning as AAO ophthalmologists reject it 83%-17% and vasculitis cases mount.
Freedom Holding Corp FRHC
FRHC funnels 85% of revenue through a CEO-owned Belize affiliate (FFIN) sourcing Russian flows — an FTX/Alameda structure that should trigger restatement, sanctions violations, and Nasdaq delisting.
NIO Inc. NIO
NIO trades at 17-18x NTM EV/Sales — double Tesla's multiple — as a Made-in-China Model Y near $41K threatens the ES6/EC6; Citron closes its 2018 long at a $25 price target.
GSX Techedu GSX
Citron argues GSX Techedu is a near-total fraud — the vast majority of claimed K-12 students are bots, revenues are fabricated, and the stock is a zero.
Peloton Interactive PTON
Peloton trades at 2,286% above peers on EV per subscriber; once a cannibalizing app, undifferentiated hardware, and a March lockup wave hit, the stock collapses to $5.
FleetCor Technologies FLT
FleetCor's Clean Advantage carbon-offset program is a $100M+ green fraud — 97% of fees stay with FLT, demanding CEO Clarke's resignation and implying ~57% downside.
Inogen INGN
Inogen's growth is built on a reseller network that lies to elderly customers about Medicare coverage to force cash sales — competition and oversight will collapse margins to a $46 stock.
Tesla, Inc. TSLA
After five years short, Citron reverses on Tesla: Model 3 is dominating luxury and EV segments, Munro confirms 30% margins, and worst-case math yields $599/share.
Wayfair W
Wayfair's unit economics are deteriorating — loss per new customer nearly doubled to $19 — while the stock defies gravity; Citron is re-shorting with a first stop at $100.
NVIDIA Corporation NVDA
NVDA, up 600% since 2016, faces in-house silicon from every mega-customer, collapsing crypto and autonomous narratives, and a benchmark-less Turing launch — shares revert to $200.
Snap Inc. SNAP
SNAP trades at largest-ever discount to FB/TWTR despite fastest revenue growth
BlackBerry BBRY
QNX is entrenched in 60M cars across 40+ automakers — a leading autonomous-driving OS
Valeant Pharmaceuticals VRX
Philidor and R&O Pharmacy are the same entity — evidence of phantom accounts to book revenue