SOFI - SoFi Stock Fell Today -- Is This a Buying Opportunity for 2024?
2024-01-03 19:43:25 ET
SoFi Technologies (NASDAQ: SOFI) stock plummeted in Wednesday's trading. The fintech company's share price closed out the daily session down 13.9%.
SoFi stock fell in today's trading following news that Keefe, Bruyette & Woods (KBW) analyst Michael Perito had downgraded his rating on the stock from market perform to underperform. In addition to the ratings downgrade, Perito lowered his one-year price target on the stock from a previous rating of $7.50 per share to $6.50 per share.
The big sell-off for SoFi stock today after bearish coverage from KBW analyst Michael Perito highlights the fact that the company's shares trade at a speculative, growth-dependent valuation. Analyst coverage tends to have an outsized impact on companies with uncertain futures.
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SoFi Stock Fell Today -- Is This a Buying Opportunity for 2024?