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Shares of solar loan facilitator Sunlight Financial Holdings Inc. (SUNL) have essentially halved since it was brought public via SPAC in July 2021.
Competition has put pressure on its platform fees, which forced the company to downwardly revise its FY21 revenue and adj. EBITDA estimates.
With a marketplace that is expected to grow fourfold over this decade but more competition coming in the form of Rocket Companies (RKT), this busted IPO merited further examination.
A full investment analysis is presented in the paragraphs below.