What's Going On With SoFi Technologies Stock?

SoFi Technologies Inc SOFI shares are trading lower. The company on Monday announced the appointment of Stephen Simcock as General Counsel.

What Happened: SoFi announced that chief legal officer Rob Lavet will retire from the company and be replaced by Simcock, who previously served as vice chairman of JPMorgan Chase & Co’s JPM legal department and as general counsel of Chase’s retail businesses. 

Simcock will oversee legal affairs, regulatory compliance and corporate governance at SoFi. Lavet is set to transition into an advisory role at the company. He will also continue to serve as a director of SoFi Bank.

“We are thrilled to welcome Stephen to SoFi. His deep experience in financial services – along with demonstrated success as a culture and business leader – make him an excellent fit for SoFi as we pursue our path to becoming a top 10 financial institution,” said Anthony Noto, CEO of SoFi.

Despite trending on Stocktwits for a majority of Monday’s trading session, less than 19 million SoFi shares have changed hands on Monday versus SoFi’s average session volume of approximately 47.5 million, according to Benzinga Pro.

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Is SOFI A Good Stock To Buy?

Wall Street analysts view SoFi on the whole as a Buy, given the history of coverage over the past three months. John Hecht from Jefferies is the most bearish, expecting a 20% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past three months, SoFi fell 7.87%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 26.18% over the past year.

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SOFI Price Action: SoFi shares were down 1.38% at $6.80 at the time of writing, according to Benzinga Pro.

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