Millennials are loading up on the owner of MoviePass' stock even as many predict its demise
- Young people are loving MoviePass owner Helios and Matheson's stock, data from free trading platform Robinhood shows.
- The stock has spiked in popularity on the platform in the past week.
- The company's share price has been battered in recent weeks as it contends with a shrinking cash pile and a share price sitting below $1.
- Watch MoviePass parent stock trade in real time here
Millennial investors are defying Wall Street.
They're loading up on stock in MoviePass owner Helios and Matheson, even as the company's share price plunges into catastrophic territory. That stands in contrast to recent comments - including from the company's own auditor - that it could be headed for bankruptcy. The stock, which was once worth $35 a share, is now struggling just to get back to $1.Robinhood, a free trading app popular amongst millennials, shows that people on the platform bought more Helios and Matheson stock last week than any other company in the platform's top 100. Almost 32,000 users own the stock now, a roughly 7,000-person (28%) increase from a week ago. That puts it in the top 32 most owned names on Robinhood.
This is surprising, considering how unpromising Helios and Matheson has looked of late. The company revealed earlier this month that it's now burning $21.7 million a month, and said it's now down to just $15.5 million in cash. Shares crashed more than 30% on that revelation. Since that point, shares have plunged further, and are now below $1 a share, hitting an all-time low of $0.56.
Some of the skepticism surrounding Helios and Matheson likely stems from comments made by the company's independent auditor, which said the firm faces "substantial doubt" about it's ability to stay in business.
Helios and Matheson is down 90.45% on the year.