After exploding nearly 51% yesterday, ShiftPixy (NASDAQ:PIXY) shares are down nearly 9.5% at the time of writing today.
While there is no discernable development about the staffing solutions provider, last month it roped in a broker-dealer to pore through PIXY trading data regarding suspicious trading activity in its shares.
Scott Absher, the CEO of the company had commented at the time, “I have been tracking naked short selling patterns since we first listed. We are now seeing algorithmic trading running wild as these trades appear to be run through a black box that is out of compliance with Regulation SHO and the Fair Market Making Requirement.”
Trading volume in the stock now stands at ~46.7 million as compared to only ~57,000 shares on average over the past three months.
PIXY shares have tanked nearly 94.2% over the past year while short interest in the stock now stands at about 10.5%.
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