Business Insider

Young people are loving Helios and Matheson's stock, according to data from the free trading platform Robinhood.

The MoviePass owner's 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 are 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 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 among millennials, found that people on the platform bought more Helios and Matheson stock last week than bought stock of 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 among the 32 most owned names on Robinhood.

This is surprising, considering the narrative around Helios and Matheson of late. The company revealed earlier this month that it was burning $21.7 million a month, and it said it was down to just $15.5 million in cash. Shares crashed more than 30% on that revelation. Shares have since plunged further and are now below $1, hitting an all-time low of $0.56.

Some of the skepticism surrounding Helios and Matheson most likely stems from comments made by the company's independent auditor, which said the firm faced "substantial doubt" about its ability to stay in business.

Helios and Matheson is down 90.45% on the year.

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