What's Going On With Safety Shot Inc Stock? (UPDATED)

Editor's note: This story has been updated to reflect a statement issued by Safety Shot Wednesday in response to a short report with a link to additional coverage. 

Safety Shot, Inc. SHOT shares are dropping Wednesday after Capybara Research issued a short report on the company titled, "Safety Shot Exposed $SHOT; Boca Raton Snake Oil: Unraveling The Fraud Behind The Drink And Its Dubious Origins."

UPDATE: Safety Shot issued a response to the short report and termed it malicious, defamatory and innacurate. The company highlighted lawsuits filed against Capybara Research and said it plans to take legal action against the short seller. Read more about the company's response here. 

What To Know: Safety Shot shares rocketed higher this week after the company announced its west coast product launch in the Los Angeles area and reached an intraday high of $7.50 Tuesday.

Capybara Research released the short report on Safety Shot Wednesday that highlights concerns over the company's leadership ties to the notorious Stratton Oakmont firm and predicts future FDA intervention due to "fraudulent" product claims.

Safety Shot shares are falling on heavy trading volume as investors digest the short report. According to data from Benzinga Pro, more than 29 million shares have been traded in the session, far exceeding the stock's 100-day average volume of 3.213 million shares.

SHOT Price Action: According to Benzinga Pro, Safety Shot shares are down nearly 16% at $4.06 at the time of publication.

Related News: What's Going On With Rivian Automotive Stock?

Image: Rudy and Peter Skitterians from Pixabay.