SoFi Technologies Stock Slumps As Analyst Downgrades, Eyes Better Entry Point

Shares of SoFi Technologies Inc SOFI tanked in early trading on Thursday, after having surged earlier in the week.

The stock has climbed around 105% year to date, versus the S&P's gain of about 14%, and reflects “our raised 2024 revenue outlook” as well as the management’s execution, according to Oppenheimer.

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The SoFi Technologies Analyst: Dominick Gabriele downgraded the rating from Outperform to Perform.

The SoFi Technologies Thesis: The company has a loan capacity of at least $30 billion, Gabriele said in the downgrade note.

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“We're strong supporters of SOFI's strategy and believe the management team continues to execute their plan and show resilience during a period federal student loan refis were shut down,” the analyst wrote.

He added, however, that the stock is currently trading “at the top end of our high range” and that “investor sentiment could shift on credit/other existing narratives, creating a better entry point.”

SOFI Price Action: Shares of SoFi Technologies had declined by 6.88% to $9.07 at the time of publishing Thursday, according to Benzinga Pro data.

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