Short Seller Bear Cave Hits ODDITY Tech With Bear Report - What's Going On?
Portfolio Pulse from Lekha Gupta
Short seller Bear Cave has released a report on ODDITY Tech Ltd (NASDAQ:ODD), criticizing the company's business as 'high on hype, but low on substance.' The report notes that ODDITY heavily emphasizes its AI and machine learning capabilities, but downplays its makeup business. Despite rapid sales growth, Bear Cave believes ODDITY's success is more due to its advertising efforts on Instagram and Facebook, rather than its technological edge. Following the report, ODD shares fell by 7.39%.
September 07, 2023 | 3:25 pm
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NEGATIVE IMPACT
ODDITY Tech's shares fell by 7.39% following a critical report by Bear Cave. The report questioned the company's emphasis on its AI and machine learning capabilities, suggesting its success is more due to advertising.
The negative report from Bear Cave has raised doubts about ODDITY Tech's business model and its reliance on AI and machine learning. This has likely shaken investor confidence, leading to a drop in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100