The parent company behind MoviePass, Helios & Matheson Analytics (NASDAQ:HMNY), has recently lost the last Wall Street analyst that was offering coverage on the company.
Canaccord Genuity analyst Austin Moldow sent an email to subscribers on September 7th revealing that he was terminating his coverage on the stock.
Since the year started, shares of Helios & Matheson have shed almost 100% of their value and have sunk down to around 2 cents.
Moldow was the last analyst providing insight to investors about the company.
Variet also recently reported that the company’s Chief Product Officer, Mike Berkley, has left, only six months after he was hired. MoviePass executive, Chief Marketing Officer Natasha Muller, left her position in May. It looks like a sinking ship with everyone jumping off board.
Berkley had once said, “MoviePass is one of the most exciting companies to emerge in the entertainment industry in recent years. Just as Netflix has ushered in a renaissance for TV, MoviePass is on the path to do the same for theatrical movies.”
It was last summer that MoviePass jumped into the spotlight when it started offering a movie a day subscription pass for only a nickel shy of $10 a month. Millions of customers had flocked to get a pass.
As unrealistic as the pass sounded, it actually was. It was unsustainable for the company and the losses began to accumulate.
Analyst Moldow had placed the stock under review this past July after the company had experienced a temporary service shutdown from not having enough money.
It as in August that MoviePass ended its movie-a-day program, offering instead a maximum of three a month.
The chairman of the company, Ted Farnsworth, had been eagerly optimistic, proclaiming at one point that the company would be worth $1 billion. Today it has a market value of roughly $15 million.
Alliance Global Partners suspended its coverage on Aug. 3. and Maxim Group suspended coverage this past April.