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Einhorn sends athenahealth plunging on short position call

 (image source: cardplayer.com)

Shares of the provider of electronic healthcare records athenahealth, Inc (NASDAQ:ATHN) are falling this morning after famed hedge fund manager David Einhorn told attendees at the Sohn Investment Conference that he has a short position on the stock. According to Einhorn, the stock is currently in a bubble and it is likely to fall 80 percent from recent highs. Mr. Einhorn believes that the market is equating athenahealth to a cloud based servicer when the company is basically an outsourcing based entity. Athenahealth is riding the cloud computing wave when in reality it should not belong in the cloud computing technology group.