This software-based elastic connectivity provider has already fallen -10.3% this year and far more since its $22 high in late 2021. MP1 has been sold off following a disappointing result, with the main issue coming from slowing growth with the number of ports being added simply not enough to justify its $880mn market capitalisation. A large driver behind the large 9.2% short interest comes from logical concerns around cash burn and the subsequent potential need to raise equity.
- We would like MP1 under $5 especially if it were after a capital raise.
MM believes MP1 is an aggressive buy into weakness
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