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.
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