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GRPN) is enjoying a stellar run in 2013. Shares of the deal site have doubled since the start of the year, some consolation at least for the 62% loss that investors who bought at the IPO are sitting on.
Today, shares are taking a 4% haircut, the result of news that Tiger Global was a seller of GRPN for the past quarter and trepidation over a refreshed business model that focuses on selling payment systems for retailers over daily deals.
Groupon still has some major fundamental challenges to overcome at this point. Even so, the stock remains in a well-defined uptrend since March with support at $8.50. More nimble traders should look for a bounce off of support for an entry -- and less nimble traders should stay away from shares.
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Most-Active Stocks portfolio on Stockpickr.
-- Written by Jonas Elmerraji in Baltimore.