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Soho House & Co tumbles following Glasshouse Research short report

Published 08/02/2024, 06:18 am
© Reuters.

Soho House & Co (SHCO) shares dropped Wednesday after Glasshouse Research released a short report on the company, setting a target price of $0 per share.

SHCO claims the company has a "broken business model" as well as "terrible accounting," with material headwinds potentially impacting its "future viability as a public company."

The research firm also stated that SHCO's persistent lack of profits and rising debt levels "puts the company in a precarious situation," and it will "need to continue to dump shares on investors as time goes on."

"Eerily similar to WeWork's public offering, we believe SHCO will eventually meet the same fate as the now defunct co-working space," Glasshouse alleges.

As of 13:15 ET, SHCO shares are down 21% at $4.88 per share.

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