Investing
Robinhood’s Stock Is Now Worth Less Than Its Cash on Hand
- Brokerage’s market capitalization slides to about $6 billion
- Some analysts cut their price targets on the stock this week
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Robinhood Markets Inc. shares slumped to a fresh low on Wednesday, giving the beleaguered brokerage a market value that’s less than the cash on its balance sheet.
After posting more than $3 billion of losses since its initial public offering in late July, Robinhood’s 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.