Citron Research Hates Wayfair; Shares Lose 10%

Citron Research Tweeted on Friday that Wayfair Inc (NYSE: W) has "the worst [business] model on the internet" and "no one would care" if the company were to simply "go away."

Citron also placed a $5 price target on Wayfair's stock.

Citron's Tweet sent shares of the home furnishings e-commerce merchant lower. Wayfair opened at $41.76 and drifted lower throughout the trading session. Following Citron's Tweet, the stock hit an intra-day low of $38.10, marking an approximate 10 percent plunge.

Citron argued back in August 2015 that Wayfair is "the most mispriced stock" it has "seen in years."

"Wayfair makes Citron feel like apologizing to every company we have written about in the past 5 years," Citron said in its report in August. "Compared to Wayfair, … you all have viable business models. Any analyst who defends this stock is clueless about furniture retailing and even more clueless about e-commerce.

new day...what to sell now? $W Wayfair still the worst biz model on the internet. It could go away and no one would care. Tgt price $5

— Citron Research (@CitronResearch) February 5, 2016