Shares of Axos Financial, Inc. (AX) slipped 12% on Tuesday morning after short seller Hindenburg Research took a short position in the company.
AX is currently trading at $46.04, down $6.42 or 12.24%, on the NYSE. The stock opened its trading at $44.10 after closing Monday at $52.46. The stock has traded between $32.05 and $63.00 in the past 52-week period.
According to Reuters, Hindenburg Research has taken a short position in Axos Financial, alleging lax underwriting standards and issues with the bank's loan portfolio.
Hindenburg said the bank was exposed to the riskiest asset classes, and had increased its total exposure to the deteriorating commercial real estate (CRE) market, while its peers had backed away from the sector.
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