Essential Utilities’ stock declined as much as 3% on Wednesday after U.S.-based short seller Spruce Point Capital Management published a report into the utilities firm.
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Essential Utilities’ WTRG, -0.14% stock declined as much as 3% on Wednesday after U.S.-based short seller Spruce Point Capital Management published a report into the utilities firm.
The New York-based investment manager, led by Ben Axler, issued concerns over the “efficacy” of the U.S. water, wastewater and natural gas provider’s business model and the “accuracy” of its financial reporting.
The 106-page report issued a “strong sell” opinion, with a 35%-50% downside risk.
Essential Utilities did not immediately reply to MarketWatch’s approach for comment.
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