What's Going On With SoFi Technologies Stock?

SoFi Technologies Inc SOFI shares are trading higher as stocks look to rebound following Wednesday's weakness. The company on Thursday also announced it will offer a 2% match on IRA contributions through Tax Day.

What To Know: SoFi previously announced in late 2023 that it would offer a 1% match on IRA contributions. The all-in-one digital personal finance company said Thursday that it has doubled its match offer to 2% through April 15.

SoFi members are now eligible to earn the 2% IRA match on all new ACH transfers into IRA accounts. SoFi noted that SoFi Invest complements the newly doubled IRA match with a broad suite of investing tools and educational resources. 

SoFi Invest is now offering complimentary access to certified financial planners, fractional share trading and educational articles on investing and beyond.

The news comes a day after SoFi shares traded lower on the back of a downgrade from Keefe, Bruyette & Woods analyst Michael Perito. The analyst cut SoFi from a Market Perform rating to an Underperform rating and lowered the price target from $7.50 to $6.50, citing recent outperformance and a change in modeling.

Perito noted that the firm's updated 2024 revenue and EBITDA expectations are well below Street estimates, largely due to slower origination growth and technology revenues.

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SOFI Price Action: SoFi shares were up 2.52% at $8.51 at the time of writing, according to Benzinga Pro.

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