Fintech Stocks like Affirm, SoFi Tech, Marqeta and Others Are Moving Today - Here's Why

Broker firm BTIG initiated coverage on fintech stocks. SoFi, Upstart, PayPal, Opurton Financial, and Jack Henry & Associates stocks are surging after the rating, while those of Affirm, Block, Marqeta, Open Lending, and Green Dot are falling.

BTIG analyst Lance Jessurun initiated coverage on SoFi Technologies SOFI with a Buy rating and a Price Target of $14.

SoFi, which went public as a SPAC in 2021, has "emerged as a leader" in the consumer-focused fintech space, but this has not been reflected in the share price performance, states the analyst.

SoFi boasts a robust product suite, member-first approach, and significant user growth and uptake of new products, mentions BTIG.

BTIG contends that while SoFi's shares "may be cheap now, it's difficult to see valuation remaining this low with GAAP profitability by the end of FY23."

The analyst initiated Jack Henry & Associates JKHY with a Buy rating and a Price Target of $183.

The analyst initiated Upstart Holdings UPST with a Buy rating and a Price Target of $42.

The analyst initiated PayPal Holdings PYPL with a Buy rating and a Price Target of $85.

The analyst initiated Oportun Financial OPRT with a Buy rating and a Price Target of $7.

Marqeta MQ got a Neutral rating. With the impending contract renewal from the Block partnership, the analyst claims that the company has become a single-issue stock. 

The analyst warns investors that the company will struggle with near-term margin and non-Block demand.

The analyst initiated Open Lending LPRO with a Neutral rating.

The analyst initiated Affirm Holdings AFRM with a Sell rating and a Price Target of $10.

BTIG analyst Mark Palmer initiated coverage on Green Dot GDOT with a Neutral rating.

Mark Palmer assumed coverage of Block SQ with a Neutral rating.

Price Action: SOFI shares are trading higher by 3.62% at $9.89 and AFRM lower by 9.28% at $17.00 on the last check Wednesday.