BUZZ-FTAI Aviation falls after Muddy Waters says it is short on company
Shares of aircraft lessor FTAI Aviation FTAI.O fall 25.2% to $114.44 in afternoon trade
Muddy Waters says it is short on FTAI, claiming financial reporting at the company to be "highly misleading"
Short seller alleges that FTAI's revenue from true maintenance and individual off-the-rack module sales are materially lower than reported
"FTAI, in our view, is misleading investors by reporting one-time engine sales as Maintenance Repair & Overhaul (MRO) revenue in its Aerospace Products (AP) segment" - Muddy Waters
Company did not immediately respond to a Reuters request for comment
According to data compiled by LSEG, 3.79% of FTAI's float was sold short as of Dec. 31, 2024
FTAI shares soared 210.4% in 2024
Twelve of 13 brokerages rate the stock "buy" or higher, and one rates it "hold"; their median PT is $182.57
FTAI beat topline estimates but marginally missed bottomline when it reported Q3 results in October; it is scheduled to report its Q4 results on Feb. 20
(Reporting by Abhinav Parmar in Bengaluru)
((Abhinav.Parmar@thomsonreuters.com;))
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