Yes for anyone who recently bought a large parcel near the $1.93 top i share your frustration and pain but for all the others who got in early or near the SPP discounted price we just need to give the stock some breathing space. To put things into perspective here. SPT topped out when they released their earnings on 31/8 and since then we've had the Paypal development in the BNPL space, the SPP overhang and a correction to the wider market and more specifically the tech sector. Today's weakness is not unique to SPT, take a look at APT and SZL for eg. I understand the frustration here but unless you are a day-trader fretting over the sp movement of 10-15c in the short term is not really good for your health. Once risk appetite is back and we have normalised trading, SPT will be the first BNPL name to move off the block given it's superior model and locked-up partnerships. With the right tailwind and some financial updates or new (meaningful) partnership announcement SPT can quickly move to $2 and beyond in no time with big volumes.
From a TA point of view (see chart below) I take comfort that the SPT chart since mid-Jun has been moving sideways in a wide channel between 1.36-1.92'ish. Volume has been below daily average this month as the sp drifts lower suggesting the large stakeholders are still holding and/or accumulating from weak holders (or small profit takers).
SPT is still under the radar from many brokers so this is probably an opportune time to accumulate now before the Fund managers start buying up. When we see volumes of >3x daily average is when i believe the sp will be re-rated as a BUY from brokers and fund managers begin accumulating IMO.
SPT - Technical Analysis, page-306
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