R8 Capital Investments (LON:MODE) Shares Down 12.4% – Here’s What Happened

R8 Capital Investments plc (LON:MODE)’s share price was down 12.4% on Thursday . The stock traded as low as GBX 1 ($0.01) and last traded at GBX 1.10 ($0.01). Approximately 315,750 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 735,610 shares. The stock had previously closed at GBX 1.25 ($0.02).

R8 Capital Investments Stock Down 1.4 %

The company has a 50 day simple moving average of GBX 1.52 and a 200-day simple moving average of GBX 2.03. The stock has a market cap of £1.04 million, a price-to-earnings ratio of -16.85 and a beta of -0.64.

R8 Capital Investments Company Profile

Mode’s objective is to become the go-to payments app in the UK for consumers and businesses wishing to use fiat and cryptocurrency for everyday transactions.

Combining in house and third party technology with sleek designs, a regulated & LSE listed company, and innovative access routes into the crypto ecosystem, Mode’s aim is to drive the UK to be at the forefront of the financial evolution, and to position itself to become the most popular app for the general public to access crypto.

In 2020, Mode became one of the first UK cryptoasset firms to be publicly listed with its IPO on the London Stock Exchange Main Market (Standard Listing).

In 2021, Mode successfully became an FCA-licenced E-Money Institution (EMI) and in the same year Mode received 5AMLD registration approval from the FCA for cryptoasset firms (one of only 36 firms)*, which the Directors believe gives Mode a leading position in the market as one of few FCA registered & licenced cryptoasset firms.

The company launched a number of partnerships and products, including a crypto trading function with a fiat on-ramp experience leveraging open banking; a payment plus crypto reward product that launched in partnership with retail giant THG; Mode’s Bitcoin Payroll programme, which has so far been adopted by payroll providers and employment platforms.

With multiple business lines generating revenue (trading, payments and rewards), Mode is building an ecosystem that connects businesses and consumers.

Mode has an experienced senior leadership team boasting over 200 years of operational experience, across many different market cycles, building successful financial and technology-based businesses.