Listing tier change
An exchange moving a security into a different quotation list, one with stricter or looser requirements than before.
How to read the number
The tier decides which funds may hold the security under their own rules, so a move reshapes the buyer base faster than anything happening inside the business.
When the metric lies
A downgrade follows a breach of exchange requirements rather than a judgement about the business, and funds that may no longer hold the security sell whatever the accounts say.
Also known as: listing tier change