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Benzinga
Benzinga
Business
Wayne Duggan

Short Seller Spruce Point Targets Generac, Alleges 'Numerous Shady M&A Deals'

Generac Spruce Point NYSE Generac Holdings Inc

Shares of residential portable generator stock Generac Holdings Inc. (NYSE:GNRC) dropped 6.6% on Wednesday morning after short seller Spruce Point Capital Management released a new report on Generac suggesting the stock may be significantly overvalued at current levels.

Questionable Decisions: In the report, Spruce Point claims Generac's recent acquisition spree has come because the company is attempting to pivot away from challenges in its core generator business. However, Spruce Point said Generac is investing in unproven and highly speculative clean energy products and services that ramp up risk for investors.

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