Wayfair (W) was down more than 3% Tuesday after short-seller Citron Research published a downbeat report on the online home-goods retailer, saying it expects Wayfair to “trade back to its five-year average stock price of $68 to $69 fast.”

In the report, the investment research firm said Wayfair climbed over the years despite $1 billion in historic losses as investors focus on top-line growth instead of profitability. According to Citron, Wayfair stock price growth also comes despite its decelerating growth, recent insider sales and failed international expansion, among others.