Why Fintech Stock SoFi Technologies Dived on Tuesday
SoFi Technologies (NASDAQ: SOFI) probably wanted to catch a case of the Mondays again. One day after its stock popped following a solid earnings report, Tuesday saw investors trade out of it enthusiastically. That apparent correction was exacerbated by one analyst's recommendation downgrade.
As often occurs when a company posts a beat-and-raise quarter, several analysts were quick to raise their price targets on SoFi stock Tuesday.
One notable dissenting voice, however, was that of Keefe, Bruyette & Woods pundit Michael Perito. While he raised his SoFi price target like his peers -- in his case, to $7.50 from his previous $5.50 -- he downgraded his recommendation on the fintech. He now believes it is an underperform (read: sell); prior to that he ranked it as a market perform (hold).
Source Fool.com
