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After a Free Fall, Are GOTO Shares Starting to Rise Again?

Adi Ahdiat 14/12/2022 11:20 WIB

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GOTO stock has been weakening over the past month. However, it started to strengthen again at the close of trading on Tuesday, December 13, 2022.

GOTO Stock Price Movement (April 14 - December 13, 2022)

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After a Free Fall, Are GOTO Shares Starting to Rise Again?

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GOTO Stock Price Movement (April 14 - December 13, 2022)

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PT GoTo Gojek Tokopedia Tbk (GOTO) shares have been in a freefall in recent weeks. A sharp decline was observed from the beginning of the fourth week of November (21/11/2022), with the price plummeting to its lowest point of Rp87 at the close of trading on Monday (12/12/2022).

Compared to its initial public offering (IPO), the price of GOTO shares on Monday (12/12/2022) had plunged by approximately 77%.

According to Jono Syafei, an analyst at Henan Putihrai Sekuritas, the GOTO share price has the potential to continue falling to the Rp50 level.

"Is it possible for GOTO to reach Rp50? Certainly, there's always a possibility, considering the current situation," Jono told *Katadata.co.id* on Monday (12/12/2022).

However, at the close of trading on Tuesday (13/12/2022), the GOTO share price rebounded to Rp100. The tech company's shares managed a rebound after experiencing eleven consecutive days of auto reject bawah (ARB) – the lower circuit breaker.

This rebound occurred after Swiss investment bank UBS issued a "buy" recommendation for GOTO shares.

"UBS is optimistic about growth despite increased competition in the Indonesian internet sector, with Sea, Grab, and GoTo already reducing incentives and cutting general and administrative expenses," UBS said, as quoted by *Business Times* on Monday (12/12/2022). (Note: There appears to be a typo in the original text; the date 12/2/2022 is likely a mistake and should be 12/12/2022).

UBS is also optimistic that GoTo's on-demand and e-commerce services still have significant room for growth in the future.

"The penetration of food delivery services and e-commerce in Indonesia is still low compared to other countries. The online transportation business also continues to benefit from the post-Covid recovery," UBS added.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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After a Free Fall, Are GOTO Shares Starting to Rise Again?

After a Free Fall, Are GOTO Shares Starting to Rise Again?

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