Overview

• The stock has fallen more than 17% since its Aug. 12 record, ranking as the S&P 500’s worst performer over the past six sessions while still leading the index for 2025 with a gain of about 106%.
• Citron Research contends the shares are detached from fundamentals and, using an OpenAI-like sales multiple, pegs a fair value near $40 per share.
• S3 Partners data show the drop generated roughly $1.6 billion in short-seller profits, with short interest at about 2.5% of float after declining over the year yet rising by roughly 10 million shares since June.
• Operational momentum remains strong with revenue up about 48% year over year in the latest quarter and the company crossing $1 billion in quarterly sales.
• Valuation warnings persist as reports cite a forward P/E above 400, Goldman Sachs raised its target to $141 this week, consensus sits at Hold with a mean target near $155–$156, and Jefferies flags multiple sustainability alongside recent insider selling tracked by Barchart.