Education Tech Firm PowerSchool Slumps on Short Seller Report
- Short seller sees 30% to 60% downside for PowerSchool shares
- Stock notched its worst day in eight months on Wednesday
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PowerSchool Holdings Inc. shares notched their largest one-day drop in eight months after Spruce Point Capital Management LLC said it’s betting against the company as it sees significant downside for the stock.
Shares of the education technology company fell 9.8% Wednesday to close at $17.79 in its biggest one-day drop since August 2023, after the short report was released. That extended year-to-date losses to nearly 25%. The Folsom, California-based company currently has a market value of about $3.6 billion.