I've been saying for over 2 years that this is a Ponzi bubble stock, there's no path to profitability. Any idiot can sell things for a loss.
Negative book value, that goes more negative every quarter. Eventually they will have to raise cash, so while P/S is now 1/1, that will change in the future as they will issue more shares. No bank is going to lend to money bleeding company.
This is how the dot com bubble ended, companies diluted their chares until shareholders gave up and nobody wanted the stock anymore.
So anyways, we're seeing some bubbles popping while different bubbles are forming.
Negative book value, that goes more negative every quarter. Eventually they will have to raise cash, so while P/S is now 1/1, that will change in the future as they will issue more shares. No bank is going to lend to money bleeding company.
This is how the dot com bubble ended, companies diluted their chares until shareholders gave up and nobody wanted the stock anymore.
So anyways, we're seeing some bubbles popping while different bubbles are forming.
Comment:
Forgot to mention that Bitcoin is still above $9k, so the bubble market is far from over.
Trade closed manually:
Took the morning dip and unloaded my puts.
Got into this Friday afternoon, can't believe I missed earnings on this turd. In any case, short when MFI scrolls up per comment below.
Got into this Friday afternoon, can't believe I missed earnings on this turd. In any case, short when MFI scrolls up per comment below.