SOFI - Why SoFi Technologies Stock Crumbled Today
2024-01-03 12:48:23 ET
Shares of red-hot fintech SoFi Technologies (NASDAQ: SOFI) , which more than doubled in 2023, are stumbling out of the gate in 2024. After sliding 3% on Jan. 2, the first trading day of the New Year, SoFi fell further Wednesday morning, with the stock losing an additional 13.5% through 11:35 a.m. ET.
I blame investment bank Keefe, Bruyette & Woods for that.
From a share price below $5 at the start of last year, SoFi stock raced past $10 a share in the closing days of 2023. But investors may have become just a wee bit irrationally exuberant about this unprofitable fintech , as Keefe, Bruyette & Woods pointed out in a downgrade covered on StreetInsider.com this morning.
For further details see:
Why SoFi Technologies Stock Crumbled Today