Seeking Alpha

Angie's List (ANGI) is worth somewhere between $0 and $5, and the market is just now waking up to this fact.

I wrote those words on July 9, in my first analysis of ANGI. I made a "bold prediction" claiming an all-time high the day before ($28.24) and calling below $25 before August and under $10 - perhaps under $5 - by the end of the year. The release of 3Q-13 results further solidifies this position.

ANGI has an underwater balance sheet, is posting declining business metrics, and is facing a record amount of competition. I believe a massive restructuring to avert bankruptcy is possible inside a year.

Background

Angie's List offers a membership "service" of...

Only subscribers can access this article, which is part of the PRO research library covering 3,773 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: