The MoviePass Final Analyst leaves the stage on the left as stock market craters

The latest Wall Street analyst to offer investors a glimpse of the company behind MoviePass dropped the cover.

Austin Moldow, an analyst at Canaccord Genuity, on Friday sent an email to subscribers telling them that he was terminating the cover of MoviePass's owner, Helios & Matheson Analytics. This development follows the loss of nearly 100% of its value this year: it closed Friday at 2.4 cents.

Product manager Mike Berkley is also separated from the company, Variety reported Saturday, just six months after hiring.

The departure of Berkley is the last blow for a company that was somehow a darling of Wall Street last year. MoviePass attracted attention in the summer of 2017 when it began offering a movie subscription a day for only $ 9.95 a month. The program has attracted millions of customers.

But the offer was unsustainable for MoviePass and the losses were mounted. Moldow placed the security under review in July after a tightening of liquidity led to a temporary shutdown of services. Last month, MoviePass ended its daily movie program, offering a maximum of three per month.

Ted Farnsworth, president of Helios & Matheson, once said the company was worth $ 1 billion. He finished the week with a market value of $ 15 million.

Moldow noted other red flags, including the resignation of board member Carl Schramm, who cited unsuccessful attempts to obtain information on the company's financial situation and said that several important decisions had been taken without approval or knowledge of the board.

Helios & Matheson stated in a regulatory document that it was unaware of unanswered inquiries from Schramm – and that no material information had been retained by board members.

Helios & Matheson has no immediate comment. Alliance Global Partners, which had a price target of $ 12 in May, suspended coverage on Aug. 3 and Maxim Group, which had a target price of $ 25 early in the year, lost coverage in April.