Citron Research has issued a short bearish report on Voxeljet (VJET -16.5%) in which the 3D printer vendor is called "a total [expletive] joke." The firm notes Voxeljet sold only three printers in Q3, and that the deals were enabled by loans and other incentives.
Citron also points out insiders sold 1.875M shares through last month's IPO, and netted just $12.09/share (~75% below Voxeljet's current price).
The firm's conclusion: "VJET is the winner in Wall Street’s race to the bottom. It’s not even a company, it’s just a hobby."
Though Voxeljet is the biggest decliner, other 3D printing plays are staring at big losses for the second straight day: DDD -6.4%. SSYS -4.3%. XONE -7.6%. PRLB -6.2%. Valuations might be weighing on the minds of some investors: 3D Systems and Stratasys still respectively trade at 56x and 47x 2014E EPS.
Yesterday: 3D printing, solar stocks reverse course