Viggle Inc (VGGL) Has 66% Downside: Bleecker Street

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Viggle Inc (VGGL) Has 66% Downside: Bleecker Street

Bleecker Street out with a report on the short case for Viggle Inc (NASDAQ:VGGL)

Why Viggle Inc (NASDAQ:VGGL) is a short, a CEO with a history of shareholder destruction, the stock being promoted by “Small Cap Street,” and numerous other issues.

Viggle: What Do Employees Say?

  • “Smart and vibrant team, shamefully wasted”
  • “The product no long works well, and is an outright embarrassment (see the reviews) the user base is plummeting.”
  • “Misery and frustration is rampant among staff”
  • “I’m not optimistic about the outlook for this company”
  • “Sinking Ship”
  • Pros: You work in a great neighborhood.
  • Cons: You work for Viggle, the worst company of all time.
  • Advice to Senior Management: Respect human beings.
  • “Development team is poorly managed and developers are not respected or trusted by their own management (treated more as resources than as people.”
  • “Management creates unrealistic schedules and timelines and promotes them as accurate throughout the company, then blames developers when dates aren’t met.”

Source: Glassdoor

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reports 1660232581Welcome to our latest issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring investors exit long-short hedge funds, the oil market is now "broken", and Haidar Capital surges 225%. Q2 2022 hedge fund letters, conferences and more

Valuation

  • Viggle Inc (NASDAQ:VGGL) currently trades at $5.73
  • Market cap is $79 million
  • This puts Viggle’s P/S ratio at 4.59

Base Case

  • Base Case (Viggle trade in-line with entertainment stock peers)
  • Viggle Inc (NASDAQ:VGGL) P/S: 2.48
  • Implied Share Price: $3.09
  • Downside: -46%

Bear Case

  • Bear Case (Viggle trades in-line with S&P500 P/S)
  • Viggle Inc (NASDAQ:VGGL) P/S: 1.56
  • Implied Share Price: $1.95
  • Downside: -66%

Why Viggle Inc (VGGL) is a Short: Up To 66% Downside

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