Robinhood shares hit a new low this week that pushed the company’s market capitalization below the value of its cash on hand.

The brokerage app, once a darling of the tech industry, has slumped to roughly $7 per share — an 80% decline since its July debut price of $38.

The company has suffered more than $3 billion in losses since its debut and its market capitalization has dropped to less than $6 billion, which puts the value of the company below the $6.19 billion of cash on the company’s balance sheet, according to a Bloomberg report.

After a nearly 10% drop Monday, Robinhood stock appeared to have stabilized on Thursday, recently at $6.97 in early afternoon trades.

Wall Street isn’t optimistic the company will recover its losses. Atlantic Equities analyst John Heagerty lowered his price expectation for Robinhood to $5.

“With customers returning to pre-pandemic behavioral trends and a potential recession ahead, user engagement seems likely to decline further,” Heagerty wrote in a memo to clients. “Plummeting crypto valuations will have a direct impact on both volumes and order value.” 

The battered-down stock shows how out of fashion the platform that powered the meme stock craze has become.

“Robinhood was one of the pandemic darlings,” said Art Hogan, chief market strategist at National Securities in New York. “It sat at the center of the meme stock mania. And that has clearly cooled off.”

The stock slump comes as both cryptocurrencies and equities have been hammered in recent days: Year to date, bitcoin has dropped more than 55% and the S&P 500 has dropped more than 20%.

Robinhood is also facing a slew of potential regulatory challenges. 

President Biden’s SEC chief Gary Gensler has since vowed to look into the company’s practice of selling customer order flow to high-speed trading firms like Citadel Securities. Gensler has also suggested he could change rules governing equity markets and payment for order flow — a move that could hurt Robinhood’s revenues.

Last month Robinhood laid off 9% of its employees as the company tries to cut costs.