Is Ryvyl, Inc. overvalued or undervalued?

As of 9 August 2019, Ryvyl, Inc. has moved from a grade of "does not qualify" to "risky," indicating increased concerns about its valuation. The company is currently considered overvalued, primarily due to its negative price-to-book value of -2.14 and a negative EV to sales ratio of -0.93. Additionally, the EV to EBITDA ratio stands at 7.95, which, while not excessively high, does not compensate for the company's overall financial instability.
In comparison to peers, Ryvyl's valuation metrics are significantly worse than those of MoneyLion, Inc., which has a P/E ratio of 107.79 and an EV to EBITDA of 11.10, indicating a more robust financial position. Similarly, Innovid Corp. shows a risky valuation with a P/E of -34.42 and an EV to EBITDA of 169.90, further emphasizing Ryvyl's challenges. The company's stock has underperformed against the S&P 500, particularly over the past year, with a return of -46.51% compared to the index's 10.26%, reinforcing the notion that Ryvyl is overvalued in its current market context.