The consumer financial app MoneyLion (NYSE: ML) went public through a special purpose acquisition company (SPAC) in September and has been underwater ever since. The company is now down about 80% from when it started trading independently.
Since its fourth-quarter earnings report on March 10, the stock has dropped another 18% and now has a market cap of $435 million, a far cry from the $2.4 billion enterprise value it had when the SPAC deal was first announced. Is this beaten-down fintech stock a buy at these levels? Let's take a look.
I would describe MoneyLion as sort of a hybrid between fintechs SoFi and Dave . The company offers many financial services including cash-management accounts; online investing and crypto capabilities; insurance; interest-free cash advances; and a number of lending capabilities, such as mortgages, student loans, personal loans, and credit cards.
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MoneyLion Is Down About 80% Since Going Public. Is Now the Time to Buy?