Why Shares of Capital One, Upstart, and SoFi Are Falling This Week
Shares of several consumer finance stocks were falling this week amid negative sentiment in the banking sector, worries over an expected recession, and other, more-company-specific news.
Shares of credit card company Capital One (NYSE: COF) were down by roughly 12% for the week as of market close Thursday, according to data from S&P Global Market Intelligence. Meanwhile, shares of the artificial intelligence-assisted lender Upstart (NASDAQ: UPST) traded roughly 10.4% lower, while shares of the one-stop-shop financial services company and digital bank SoFi (NASDAQ: SOFI) were down nearly 22%.
SoFi delivered its first-quarter results earlier this week, and on its face, the report looked pretty good. SoFi beat estimates on the top and bottom lines, and slightly raised its full-year outlook. But that didn't assuage investors' fears about the loans sitting on its balance sheet.
Source Fool.com
