Fundamental and Technical Analysis of PT Bukalapak.Com Tbk Stock Investment Decisions in the Post-IPO Period 2021-2025

Abstract

This study examines how fundamental and technical analysis support investment decisions in PT Bukalapak.com Tbk after its Initial Public Offering (IPO) during 2021-2025. Using a descriptive quantitative design, the study applies a top-down fundamental approach covering macroeconomic conditions, industry dynamics, and company performance measured by Current Ratio (CR), Debt to Equity Ratio (DER), and Return on Equity (ROE). Technical analysis is conducted using weekly Moving Average Convergence Divergence (MACD) signals. The data were obtained from annual reports, macroeconomic publications, stock-price history, and supporting empirical literature on technology IPOs. The findings indicate that Bukalapak has strong liquidity and low leverage, but its profitability remains weak and unstable. MACD signals show high post-IPO volatility with recurrent bearish indications. Therefore, the stock is not yet optimal for long-term investors, while short- and medium-term investors may still consider it for momentum-based strategies under strict risk control. This study contributes to post-IPO startup stock analysis in Indonesia by integrating financial fundamentals, market signals, and investment-horizon-based recommendations.