Society Pass Inc. (SOPA), a loyalty and data marketing ecosystem, closed Monday’s regular session at $3.64 after surging 11.31% during the day. In the premarket session, SOPA stock further gained an increase of 5.77% and was trading at $3.85 at the last check.
Equity Research Report Coverage for SOPA
The news from Argus Research regarding the launch of Equity Research Report Coverage for SOPA has prompted this recent wave of interest in the stock. Argus Research announced this development on Monday. The report said that Society Pass has been expanding into additional business domains as well. The report also said that the open-loop loyalty program, also called Society Points, which Society Pass plans to offer during Q2 differentiates it from its other competitors.
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General Trend for Ecommerce Industry
E-commerce-related stocks, like SOPA, have been on the receiving end since the beginning of 2022. The US-based e-commerce related companies have declined by about 25% since the start of the year. The major reason is that the boom experienced by e-commerce stocks during the COVID pandemic has slowly and steadily been coming to an end with the subsiding impacts of the pandemic. Alongside, the supply chain constraints being felt across the globe are also proving to be a factor in hampering the growth of the eCommerce industry.
What Could Catalyze SOPA Stock Movement?
During the last month, SOPA stock has rocketed by 66.97%. The major catalyst behind the stock movement was excellent financial results as well as one other factor of crucial importance, acquisitions. The company believes that a key component of its strategy revolves around acquisitions, like the acquisition of Pushkart, which has a user base of 0.3 million in the island nation of the Philippines. This is depicting that moving forward, acquisitions could catalyze the growth of Society Pass.
If the past is a guide for the future, then the upcoming time seems to be a luminous one for SOPA stock. Excellent financial performance and focus on acquisitions are enough reasons to prompt investor interest in the stock. However, investors should keep in mind that the general trend being encountered by the e-commerce sector is on the bearish side, hence, a careful decision should be made.