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Shopify’s (NYSE:SHOP) unusual $100 stock price spike near the close of trading on March 18 is said to be be under investigation by the NYSE.
Shopify’s stock soared $100/share to $780 on March 18 before crashing in after hours trading. The stock exchange is trying to figure out the reason behind the spike and is said to be looking at Ken Griffin’s Citadel Securities, which was holding the shares when trading ended that day, according a New York Magazine report.
The spike came as Citigroup (C) had an order from Wall Street clients to buy 600,000 shares of Shopify stock that had to resolved in the final hour of trading, according to the report. The first trade for half the order was put in before 3pm, while the second half was put in about 10 minutes before the close.
Citadel is said to not have alerted brokers to the order imbalance, according to the NY Mag account. Traders seems to be questioning if the spike was caused by Citadel or Citi.
Citi, Citadel and the NYSE declined to comment to the publication.
Also see SA contributor Graham Grieder’s piece entitled “Shopify: This Is Still A Growth Story.”
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