I'm not sure it's cheap sicilianMy guess here is the market...

I'm not sure it's cheap sicilian
My guess here is the market needs to see a profit now more than ever.
Apt is a loss making machine for Square, losses have exploded. And my guess here is people are thinking that's where Zip is headed in about 2 years, zip was always tracking in parallel to where Afterpay was 18-24 months prior.
That's suggests a lot more losses to come.

My take is they have been aggressively growing the US and rest of world prior to 18 months ago and markets haven't corrected back into bull territory and now they find themselves in a real pickle.

If it were me if I was investing in growth stocks I would be choosing ones that were at break even on their balance sheet and still growing strong. Zip aren't one of these stocks right now
It's hard to imagine zip going much lower. But it's even harder to see how they will survive past 18 months unless there is a major bull market run in that period.