Up to the target price of EUR 1.00 for the Wirecard share, which the Bank of America stock analysts called yesterday, it was still a long way down for the DAX-listed stock this morning. This morning the fintech title fell back to single-digit euro rates for the first time since 2011 (!). The previous daily low on Thursday is quoted at 9.96 euros, but recently Wirecard’s share price recovered to 10.744 euros, losing 12.66 percent compared to the previous day.
But around 10:27 a.m., the shock comes for the last investors who are still betting on a rescue of the company and which should cause a further crash in the direction of Bank of America’s price target: Wirecard reports bankruptcy!
The message of the company from Aschheim near Munich in the wording: “The management board of Wirecard AG decided today to apply for Wirecard AG to the responsible district court in Munich to open insolvency proceedings due to impending insolvency and over-indebtedness. It is checked whether bankruptcy applications for subsidiaries of the Wirecard Group must also be made, ”says the company report.
Wirecard’s shares are currently still suspended from trading on the stock exchange until 11:20 am due to the bankruptcy news. A further drastic fall in prices is to be expected as soon as trading in the paper still listed on the DAX is resumed. As a result of the bankruptcy, Wirecard’s share is likely to have to leave the index shortly – according to the index rules of Deutsche Börse.