SOFI - Why SoFi Stock Went Soft on Thursday
Shares of next-generation financial services company SoFi Technologies (NASDAQ: SOFI) resolutely obeyed gravity on Thursday, falling at a nearly 5% clip. A pair of fresh analyst takes on the company didn't inspire much confidence among investors.
Autonomous Research initiated coverage on SoFi stock that morning, however this didn't do much to change investor sentiment. The recommendation was only market perform (i.e., hold) at a price target of $6 per share. Considering that's less than $1 above the current share price, the new coverage isn't likely to get anyone excited about the stock.
The Autonomous Research news comes a day after a more discouraging piece of news on the analysis front. Piper Sandler (NYSE: PIPR) prognosticator Kevin Barker cut his price target on SoFi to $8 per share from the previous $10.
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Why SoFi Stock Went Soft on Thursday