SoFi Technologies Stock Is Sliding: What's Going On?

SoFi Technologies Inc SOFI shares are trading lower Thursday following a downgrade from Oppenheimer.

What Happened: Oppenheimer analyst Dominick Gabriele downgraded SoFi from an Outperform rating to a Perform rating, citing valuation concerns.

The news comes after Oppenheimer maintained its Outperform rating and raised its price target to $8 just over one week ago. 

SoFi shares have rallied more than 90% over the last month and are up nearly 20% over the last week. On Wednesday, the stock got a boost when BTIG analyst Lance Jessurun initiated coverage with a Buy rating and announced a price target of $14.

Several other analyst firms have raised price targets on SoFi since the start of the month including Wedbush, Truist Securities and Keefe, Bruyette & Woods.

See Also: MicroVision Stock Is Surging Thursday: What's Going On? 

SOFI Price Action: SoFi has a 52-week high of $10.23 and a 52-week low of $4.24. 

The stock was down 5.44% at $9.21 at the time of publication, according to Benzinga Pro.

Photo: Joshua Woroniecki from Pixabay.