T. Rowe Price marks Stripe shares down 64%
Yet another investor, this time asset manager T. Rowe Price, has marked down the valuation of payments giant Stripe, lowering its assessment of the share price by more than 60%.
Why it matters: Even the most high-flying fintech companies are seeing the results of valuation compression in today’s bear market.
By the numbers: The T. Rowe Price Global Technology Index Fund marked Stripe shares down to $23.04 as of June 30, representing a 64% decline from the end of 2021, according to a regulatory filing.
Between the lines: Once considered an IPO candidate for 2022, Stripe has seen its valuation take a hit multiple times this year.
- Fidelity in May assessed Stripe’s share price at $32.05 apiece.
- And, in an internal assessment, Stripe recorded a 28% drop in its own 409A valuation, to just above $74 billion.
Of note: Stripe wasn’t alone in having its valuation cut by T. Rowe Price, as shares in grocery delivery startup Instacart were also marked down 65%.