Robinhood’s Stock Is Now Worth Less Than Its Cash on Hand - BitcoinEthereumNews.com
KabuhayanRobinhoods Stock Is Now Worth Less Than Its Cash on Hand06 / 15 / 2022Balita ng Ethereum ng Bitcoin (Bloomberg) — Robinhood Markets Inc. shares slumped to a fresh low on Wednesday, giving the beleaguered brokerage a market value thats less than the cash on its balance sheet. Karamihan Basahin mula sa Bloomberg After posting more than $3 billion of losses since its initial public offering in late July, Robinhoods shares have plunged more than 80%, cutting its market capitalization to as low as $5.99 billion. The firm had $6.19 billion of cash and cash equivalents at the end of the first quarter. At least two Wall Street analysts lowered their price targets on the stock this week after Robinhood reported disappointing metrics for May, reflecting a broader downturn in trading and upheaval in cryptocurrency markets as monthly active users plunged 39% from a year earlier. The firm is also trading at about 85% of its book value, down from more than 500% at the end of September. “With customers returning to pre-pandemic behavioral trends and a potential recession ahead, user engagement seems likely to decline further,” Atlantic Equities analyst John Heagerty wrote in a note to clients. “Plummeting crypto valuations will have a direct