Ritchie Bros. Auctioneers Inc. is down more than 18% on the Toronto exchange Monday, but investors shouldn't panic.
In early trading, it appears the stock dropped, simply to correct an 18% spike in last minute trading Friday afternoon that sent the stock as high as C$27.99.
By comparison, Ritchie Bros. (NYSE:RBA) traded up just 3% in New York on Friday and is sitting virtually flat Monday, down $0.18 to $18.49. Historically, New York is the more active exchange for the stock, in terms of volumes.
Off the record theories to explain the trading anomaly include a bad fill for a market order or a trade(s) with a volume weighted average price [VWAP] in mind.