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Shopify $100/share price spike earlier this month said to be probed by NYSE (NYSE:SHOP) – Seeking Alpha –

JHVEPhoto/iStock Editorial by way of Getty Pictures

Replace 9:53am: Replaces To level out some fixes Ny Journal made to The distinctive March 28 article.

Shopify’s (NYSE:Store) unusual $100 inventory worth spike shut to the shut of buying and promoting on March 18 Is claimed to be beneath investigation by the NYSE.

Shopify’s inventory soared $100/share to $780 on March 18 earlier than crashing in after-hours buying and promoting. The inventory commerce is making an try To Search out out The rationale behind the spike, Based mostly on a Ny Journal report.

The spike acquired here as Citigroup (C) had an order from Wall Road consumers To buy 600,000 shares of Shopify inventory that Needed to be resolved Inside The final hour of buying and promoting, Based mostly on the report. The primary commerce for half the order was put in earlier than 3 pm, whereas the second half was put in about 10 minutes earlier than the shut.

Citadel Securities, the buying and promoting firmed owned by billionaire Ken Griffin, purchased the Shopify (Store) shares On the shut, Based mostly on the NY Journal report. Citadel is A delegated market maker and Did not alert brokers to order imbalances as That is the inventory commerce’s position.

Citi, Citadel and the NYSE declined to remark to the publication.

Additionally see SA contributor Graham Grieder’s piece entitled “Shopify: That is Nonetheless A Progress Story.”

(Editor’s notice: Replaces to Clarify The mannequin new York Journal’s story description of Citadel and It is position in story after the publication amended its merchandise.)


By Shopify