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'Pile of garbage': Wirecard's stock is so toxic after its $2 billion accounting scandal that even the hig.. - Markets Insider

'Pile of garbage': Wirecard's stock is so toxic after its $2 billion accounting scandal that even the hig.. - Markets Insider

'Pile of garbage': Wirecard's stock is so toxic after its $2 billion accounting scandal that even the hig.. - Markets Insider
Jul 05, 2020 1 min, 10 secs

Alongside the coronavirus driven plunge in stocks in March, perhaps the biggest market story of 2020 has been the rise of an army of day-traders pouring into stocks.

When German fintech Wirecard went into insolvency, and shares plummeted, it looked like a flurry of day-traders would flock to the battered stock to make some quick money. .

But Wirecard is so toxic that even traders on Robinhood — the zero-commission brokerage popular with millennials — said they would rather keep the stock at arm's length, several users of the platform told Business Insider this week.

Read more: Bank of America identifies 3 indicators that could make or break the stock market this summer – and warns they're all deteriorating fast.

To see what sentiment among day traders is like over the stock, Business Insider spoke to 5 investors on Robinhood to get their view on Wirecard and whether it represents a buying opportunity

"Given the fraud Wirecard committed and the insolvency issues they have, I personally think that the stock is worthless," one user who goes by the name of Astrophysics23 said

Another user, UBCStudent9929, said that their view on Wirecard's stock is "overwhelmingly negative."

Some acknowledged it could rise or offer some potential, but still said they would exercise a degree of caution. 

"Any rise out of Wirecard would come out of the same new investors with Robinhood accounts that necromanced Hertz a few weeks ago," one said

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