NEW YORK (TheStreet) -- Shares of Athenahealth Inc. (ATHN) are down -11.66 to $112.00 in pre-market trade after hedge fund manager David Einhorn unveiled a bet against the business services company late yesterday at the annual Sohn Investment Conference.
Shares of the company slid after Einhorn, founder of Greenlight Capital Inc., said the stock may drop 80%, the Wall Street Journal reports.
One of the few hedge-fund managers to relish talking about his shorts, Einhorn said athena and other technology stocks were indicative of a bubble, the Journal said.
TheStreet Ratings team rates ATHENAHEALTH INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ATHENAHEALTH INC (ATHN) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share."
Highlights from the analysis by TheStreet Ratings Team goes as follows: