Financial Engines trades down on short SA Pro article

Shares of Financial Engines (FNGN -1.5%) trade down after SA Pro's Akram's Razor makes the short case (embargoed until tomorrow 9:30 am ET) for the portfolio management company.

The article argues that analysts have mischaracterized the company as an SaaS play rather than a traditional portfolio management firm, tech platform revenues have been stagnant, top-line growth has come from broader market tailwinds in the financial management industry (and may experience mean reversion), and growth rate expectations for the company are "impossible" to reach.

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