Shares of Groupon (NASDAQ: GRPN) have plunged today, down by 7% as of 12:50 p.m. EST, after Barclays resumed bearish coverage on the e-commerce company. The broader market is also selling off aggressively on the first trading day of 2021, with tech stocks falling particularly hard.
Barclays is realigning its coverage universe and analyst Ross Sandler has assumed coverage on Groupon with an underweight (equivalent to sell) rating alongside a price target of $18. That was the same rating and valuation estimate that Barclays previously had on Groupon shares. The price target represents over 50% downside from Thursday’s close.