Sea Limited drops to end week
Sea Limited drops to end week as Hedgeye calls it a top short idea
Back view of young gamer playing video games on computer
Sea Limited (NYSE:SE) ended the week on a low note, dropping 6.6% today after being named as a best idea short at Hedgeye.
Shares had pulled back some 30% from their all-time highs already, analyst Felix Wang notes, but says the valuation is still "lofty" - and has room for another 35% downside.
The company is facing more competitive pressure, he says, and some of the routes forward aren't as solid as expected. Sea is looking to Brazil to support international growth, but Wang says the gaming opportunity in Brazil is "hyped" and e-commerce there is shaky as well.
As for its flagship game Garena Free Fire, it's a "one-hit wonder whose performance has peaked," with engagement now lagging behind peers, Hedgeye says. And Shopee is getting "most of the e-commerce buzz around the world," though sharp deceleration "could be the theme in 2022."
"Conditions need to be near perfect for SE to ascend back to its meteoric heights," Wang says.
After its last earnings report, Sea's shares slipped nearly 4% despite results where revenues more than doubled, as its loss came in worse than expected.
Now Read: Sea Limited 2021 Q3 - Results - Earnings Call Presentation
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- MT15NKCB·2021-12-17Good read. But is it still a good stock for the long term?1举报
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- Jasonc13·2021-12-11[Like] [Like] [Like]2举报
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