SOPA - Society Pass rated Buy at Ascendiant on SEA opportunities loyalty program strength

2023-07-11 11:58:30 ET

Shares of Society Pass ( NASDAQ: SOPA ) rose 7.2% on Tuesday after the Singapore-based e-commerce firm was rated "Buy" in new research coverage at Ascendiant Capital Markets.

The brokerage cited "large opportunities" for the company's loyalty program and online platform in high-growth Southeast Asian markets and has set a 12-month price target for SOPA shares at $3.50 based on a NPV analysis.

"We believe that continued strong economic expansion, robust population growth, rising level of urbanization, the emergence of the middle class, and the increasing rate of adoption of mobile technology provide large and fast growing market opportunities for Society Pass and other technology companies in Southeast Asia," Edward Woo, analyst at Ascendiant, said in a July 11 report.

The brokerage said strong growth at the company over the next year will drive the stock "much higher" and noted that SOPA's key focus is on generating customer loyalty, ease of transaction for consumers, and revenues for merchants.

SOPA rose as much as 19.2% to a session high of 62 cents. As of Monday's close, the stock had fallen 47.5% year-to-date.

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