Activist short seller Andrew Left‘s Citron Research warned investors about Gorilla Technology Group Inc. GRRR on Thursday, stating on X that concerns about the company are “just the tip of the iceberg.”
What Happened: Citron’s comments came in response to a critical report published by Edwin Dorsey of The Bear Cave, which questioned the recent retail investor enthusiasm driving GRRR’s remarkable 956% stock surge over the past six months.
The Taiwan-based company, which describes itself as “a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, and Internet of Things technology,” has aggressively pivoted to AI-powered technology under CEO and Chairman Jay Chandan, who led the SPAC that took Gorilla public in July 2022.
Despite its technological ambitions spanning smart cities, blockchain, AI, and IoT, The Bear Cave report highlighted that approximately 94% of Gorilla’s revenue came from just two customers: the Government of Egypt and the Criminal Investigation Bureau of Taiwan.
The report also raised concerns about the company’s financial reporting, noting the abrupt resignation of its former CFO in September and the dismissal of its longtime auditor after disclosing material weaknesses in internal controls.
Why It Matters: Gorilla Technology shares plunged 19.09% on Thursday to close at $33.91, with after-hours trading showing additional losses of 7.49%.
In response to the short seller report, Gorilla Technology management defended itself, stating: “We are being targeted by short sellers who have no credibility, no valuable insights into our business, and no reputation. Their so-called analysis is nothing more than an attempt to manipulate the market for their own personal gain.”
The company encouraged investors to rely on “highly credible analysts with decades of experience” who follow their business closely rather than “baseless short reports designed to create noise.”
Left’s Citron Research is known for exposing fraud and overvalued stocks, notably Valeant and Nikola. He faced backlash for shorting GameStop Corp GME in 2021.
Gorilla Technology’s consensus price target is $11.4 from two analysts, with a high of $18 and a low of $4.8. Northland’s latest ratings suggest a $13.33 target, implying a 57.50% downside.
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