The EML Payments Ltd (ASX: EML) share price has been tumbling lately despite no news having been released by the company.
In addition to falling, the financial services company’s stock has been flying off the shelves.
An average month sees around 3.7 million shares in EML Payments swapping hands. However, over the last 6 sessions, more than 15 million have been traded.
At market close, the EML Payments share price is $3.86, 0.26% higher than its previous close and 8.75% lower than it was 6 trading days ago.
Let’s take a look at what might be driving EML Payments’ stock lower lately.
What’s up with EML Payments lately?
The EML Payments share price has had a rough trot lately despite the company maintaining its silence.
In fact, the last time the market heard from EML Payments was when the company released a transcript of its investor briefing on 20 August
So, what might have caused EML Payments’ stock to plunge 9%?
Perhaps it’s being driven down alongside that of its peers on the S&P/ASX All Technology Index (ASX: XTX).
Right now, the All Technology Index is 2.95% lower than it was 6 days ago, having fallen 95.6 points in that time. That’s despite the index’s 0.8% gain today.
Additionally, the company’s high volume of trades suggests it might be being targeted by short sellers.
And, indeed, the Australian Securities and Investments Commission reported that between 3.3% and 3.6% of the company’s outstanding shares were shorted each day between Wednesday and Friday last week.
However, It’s more than possible that the EML Payments share price isn’t being driven down by short sellers. As market watchers know, sometimes there isn’t a particular rhyme or reason as to why a stock gains or falls.
EML Payments share price snapshot
The EML Payments share price’s poor recent performance has added to its woes on the ASX.
Right now, the company’s shares are trading for 9% less than they were at the start of 2021. However, they have gained 28% since this time last year.