Shares of Bill Holdings Inc. BILL bounced off a 3 1/2-year low in morning trading Thursday, after the financial software broke from tradition to deny a “market rumor.” The stock had tumbled as much as 16.5% earlier to an intraday low of $51.94, the lowest price seen since April 27, 2020, after Bloomberg reported late Wednesday that the company was near a deal to digital payment tools provider Melio Payments in a cash-and-stock deal valued at $1.95 billion. On Thursday, Bill said that while it’s general policy is not to comment on market rumors or media speculation, “Bill is not pursuing any such acquisition at this time.” The stock was last down 10.1%. The stock’s current selloff follows a 25.2% plunge last Friday, after the company beat fiscal first-quarter earnings expectations but provided a downbeat full-year outlook, saying inflation and consumer uncertainty was posing a bigger threat to smaller-business customers. The stock has tumbled 48.1% over the past three months while the S&P 500 SPX has eased 2.1%.
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