7-12-2012- Groupon Inc. (NYSE:GRPN) shares hit record lows today as investors raise concerns on whether or not the company can profit with increased competition. The company makes revenue by selling discount online deals for several different businesses. Although reasons for the drop in stock price early this morning are unknown, increased competition from Google (NASDAQ:GOOG), Yahoo (NASDAQ:YHOO), and Amazon (NASDAQ:AMZN) make it difficult to increase sales. Groupon stock dropped to its lowest price since its initial public offering in November.
Groupon, Inc. operates a shopping website that shares information on local goods, services, and cultural events for businesses and consumers across the World. The Company provides information on attractions to see, do, eat and shop.
Groupon stock has increased later this afternoon, with shares currently trading up 1.54% today at $7.89 per share. Earlier this morning, the stock hit its record low at $7.25 per share. The stock is currently below its 50-day moving average of $10.12 and further below its 200-day moving average of $15.20.