Hello fellow investors, today was an eventful morning.
FRTA announced it is being acquired for $24 in cash. Sold it at 58% profit.
VTRS issued 2021 revenue, cashflow guidance that is lower expectations. Sold at 9% loss.
EBIX, oh EBIX. Why are you doing this to me? :) My frontrunner EBIX which I was holding with 150% profit and a price target of $60 was fired on Friday night by their auditor. The price is already down 50%. Sold it earlier today. Given I was sitting at an average of $19.90, I am still in 38% profit. Going to be looking for future news if they clear their accounting mess. The company seems to be very strong with massive growth. The accounting issue is only for their gift card selling business which is tiny in terms of its earnings. The rest of the business seems to be healthy and growing, and the auditor did not have an issue with it. But, the market is overreacting at the moment as all hedge funds are selling this, shorts are ruling. It will take the company some time to hire a new auditor, for now, we have unaudited results which is not good.