Why SoFi Technologies Plunged 35.2% in April
Shares of SoFi Technologies (NASDAQ: SOFI) plunged 35.2% during April, according to data from S&P Global Market Intelligence.
At the beginning of the month, management updated its 2022 forecast for revenue and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) downwards, as a direct result of the Biden administration postponing the end of the student loan moratorium implemented during the pandemic.
Unfortunately, that occurred during a brutal month for stocks, with the S&P 500 plunging 8.8%. In this environment, even stocks reporting good numbers are going down. So if you're a company missing or guiding down, your stock likely saw a brutal plunge akin to SoFi's. But is the fall an opportunity?
Source Fool.com
