Society Pass shed 16% this week as short interest plunged from extreme levels. With earnings due Wednesday, the stock sits at 44 cents — down 25% in a month — while cost to borrow has eased from its March peaks.
SOPA closed at $0.44 on April 24, down 5.8% on the day. The stock fell 16% over the week and 25% across the month. The interactive media and services company has lost three-quarters of its value since Ascendiant Capital's $22.50 target was set in December.
Short interest stood at 974,000 shares on April 23, representing 16% of free float. That marks a dramatic pullback — SI had spiked to 2.24 million shares on April 16, the highest reading in the 30-day history. Shorts covered aggressively through the week, cutting positions by 420% from the prior Wednesday.
The April 16 peak followed an extended period of minimal short activity. Before mid-April, short interest rarely exceeded 300,000 shares. The surge began April 15 and unwound just as quickly.
Cost to borrow sits at 12.8%, down 14% week-over-week. CTB peaked at 33.5% on March 13 before settling into a 15-20% range through early April. The current level is the lowest since late March.
Utilisation registered 57% on April 23, off the 91% print on April 16. That mid-month reading approached the 52-week high of 100%. Utilisation spent most of March and early April in the low teens before the recent spike.
Days to cover remains near one day per official FINRA data as of April 15.
Ascendiant Capital's Edward Woo maintains a Buy rating with a $22.50 target, set December 18. That implies 5,000% upside from current levels. The target was raised from $22.00, marking the third upward revision in 2025.
Woo lifted the target to $18.00 in October from $15.00, citing the company's Southeast Asia expansion. The May 2025 raise to $15.00 from $14.00 followed the same theme. April 2025 saw a cut to $14.00 from $16.00.
The bull case, per Benzinga data, centers on Society Pass's diversified tech ecosystem targeting lifestyle, beauty, travel and F&B across Southeast and South Asia. Revenue estimates for 2026 stand at $10 million. Urbanization and middle-class growth in the region present long-term opportunities.
The bear case notes market cap of $5-7 million against estimated cash of $26-29 million. Recent revenue of $1.4 million fell 18% year-over-year and missed estimates by $1 million. Dependence on digital marketing revenue and operational weakness weigh on the outlook.
Valuation multiples carry negative readings. P/E sits at -0.40, P/B at -1.16, EV/EBITDA at 0.88. All three improved over the past month as the share price declined.
EPS surprise ranks at the 96th percentile, top-tier performance. Short score ranks at the 9th percentile despite the absolute score of 65 — most stocks carry lower short metrics. Utilisation ranks at the 14th percentile. Analyst recommendation differential sits at the 48th percentile.
Dividend score is 33rd percentile. The company pays no dividend.
Wee Leong Liang added 160,001 shares in the latest filing dated February 6, bringing his stake to 265,535 shares or 2.1% of the company. Luan Thuc Nguyen trimmed by 166,926 shares, leaving 153,483 shares or 1.2%.
Hudson River Trading took a new 92,231-share position in Q4 2025. Connective Capital Management initiated a 74,088-share stake in the same quarter.
Vanguard lifted its position by 44,643 shares to 56,041 shares as of March 31. Geode Capital added 16,598 shares, holding 48,129 shares at February 27.
Director Michael Paul Dunn Jr. bought 16,508 shares across three transactions in August and September 2024, investing $8,748. He sold 10,714 shares at $2.74 on February 3, 2025, realizing $29,356. He bought 12,000 shares the same day at $2.41 for $28,920.
Net 90-day activity through February 3 showed 22,714 shares purchased for $58,276.
Society Pass reports earnings April 30 at 1:30 PM UTC. The last print on March 20 was announced in November. Prior earnings landed November 14 and August 19, 2025.
Revenue expectations sit at $10 million for 2026, up from the $1.4 million reported last quarter. The 18% year-over-year decline and $1 million miss last time set a low bar.
The short interest spike and subsequent collapse through mid-April suggests tactical positioning ahead of the print. Whether the 16% of float still short unwinds further or rebuilds depends on Wednesday's numbers.
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