Society Pass Inc. Faces a Polarised Analyst Landscape

Society Pass Inc. (NASDAQ: SOPA) has once again found itself at the center of a heated analyst debate. On December 17, 2025, Ascendiant Capital Markets released an equity research report that praised the company’s valuation and raised its 12‑month target to $22.50. In stark contrast, Wall Street Zen issued a “strong sell” recommendation on December 20, 2025, and other analysts have lowered or neutralised their ratings.

Ascendiant’s Optimism

Ascendiant’s report frames Society Pass as a “next‑generation e‑commerce ecosystem” in Southeast Asia. The firm applied a net present value (NPV) model that suggests the stock is undervalued relative to its intrinsic worth. The 12‑month price target of $22.50 represents a 5% uplift from the previous target of $22.00, signalling a modest confidence boost. The report’s authors justify the rating with the company’s loyalty‑technology platform, which enables cross‑merchant point accumulation and redemption—a feature that, according to Ascendiant, could unlock significant network effects in an increasingly fragmented retail landscape.

Wall Street Zen’s “Strong Sell”

Wall Street Zen, however, counters that the same platform is over‑hyped and that Society Pass lacks a clear path to profitability. The “strong sell” rating is supported by recent market data: the stock closed at $1.07 on December 18, 2025, after a 52‑week low of $0.645 and a high of $6.75 earlier this year. With a market cap of just $6.53 million and a negative price‑earnings ratio of –0.64, the company sits on the brink of cash‑flow sustainability, raising doubts about its ability to sustain aggressive growth initiatives.

Other Analyst Voices

While Ascendiant pushes a bullish stance, Zacks Research downgraded Society Pass from a “strong‑buy” to a “hold” rating on November 14, 2025. Weiss Ratings issued a “sell (d–)” rating earlier in the month, reinforcing the consensus that the stock’s fundamentals are shaky. Wall Street Zen’s “strong sell” sits at the extreme end of this spectrum, suggesting that the broader analyst community is uneasy about the company’s trajectory.

Fundamental Snapshot

  • Sector: Communication Services
  • Primary Exchange: Nasdaq
  • Currency: USD
  • Close Price (Dec 18, 2025): $1.07
  • 52‑Week High/Low: $6.75 / $0.645
  • Market Cap: $6,532,913
  • Price‑Earnings Ratio: –0.64
  • Core Business: Loyalty‑technology platform that allows consumers to earn and redeem points across merchants, coupled with online and in‑store payment solutions.

The company’s description underscores its ambition to “provide technology solutions to a global customer base.” Yet, with its valuation so far below the upper range of analyst expectations, the question remains whether Society Pass can translate its platform into a sustainable revenue engine.

Conclusion

Society Pass Inc. sits at a crossroads. On one side, Ascendiant Capital Markets projects a bright future for the company’s cross‑merchant loyalty model; on the other, Wall Street Zen and its peers warn that the current valuation, coupled with weak earnings metrics, signals imminent risk. For investors, the divergence in analyst sentiment highlights the need for a careful assessment of the company’s cash‑flow prospects, competitive positioning, and ability to monetize its technology in an increasingly crowded e‑commerce ecosystem. The coming months will reveal whether Society Pass can convert its platform into a profitable growth engine or whether it will be forced to navigate a volatile path that may not justify the current market hype.