Friday, June 16, 2023 7:57:10 PM
BENZINGA
11:40 AM ET Jun-16-2023
Shares of SoFi Technologies Inc (NASDAQ:SOFI) remained under pressure in early trading on Friday, after ending the previous session in the red, following a downgrade by Oppenheimer analysts.
Piper Sandler On SoFi Technologies
Analyst Kevin Barker downgraded the rating for SoFi Technologies from Overweight to Neutral, while raising the price target from $6.50 to $8.
The stock added 107% year to date, "compared to consumer lending peers +15% on average and a basket of fintech stocks down ~10%," Barker wrote in the downgrade note.
Some outperformance may have been warranted in case there was a "significant decline in interest rates driving better margins and more attractive lending opportunities (i.e. student loans)," the analyst said.
He added that rates have risen in the past two months, "which will be an incremental headwind in the near-term, and we are increasingly concerned rates could remain higher for longer due to persistent inflation."
Check out other analyst stock ratings.
BofA Securities On SoFi Technologies
Analyst Mihir Bhatia downgraded the rating for SoFi Technologies from Buy to Neutral, while raising the price target from $9.50 to $10.
"SoFi Technologies (SOFI) shares are up 100% over the past month vs. a 7% increase in the S&P 500, mainly because the debt deal brought certainty that the Federal Student Loan payment moratorium would end in September," Bhatia wrote in another downgrade note.
"While we agree the payment moratorium expiry is a positive, we now see the positive fundamental aspects of the story as largely priced in," the analyst said. "We also note that SOFI's 2023 outlook already assumes the moratorium would expire and we do not expect a major earnings revision cycle," he added."
Recent SOFI News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 10:11:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 10:09:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 10:07:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/23/2024 08:15:35 PM
- SoFi Strengthens Lending Capabilities with $350 Million Personal Loan Securitization Placement with PGIM • Business Wire • 05/21/2024 01:00:00 PM
- U.S. Futures Rise in Pre-Market Trading Amid Key Federal Reserve Meeting and Earnings Week Ahead • IH Market News • 04/29/2024 11:12:54 AM
- SoFi Technologies Reports Q1 2024 Net Revenue of $645 Million and Net Income of $88 Million, Marking Second Consecutive Quarter of GAAP Profitability • Business Wire • 04/29/2024 11:00:00 AM
- Rapid Finance Taps SoFi, Galileo to Enable Rapid Access Mastercard for Small Business Financing • Business Wire • 04/16/2024 12:00:00 PM
- SoFi Announces New Partnership with #4 World Ranked Professional Golfer and Reigning U.S. Open Champion Wyndham Clark • Business Wire • 04/09/2024 02:00:00 PM
- Tesla Resolves Autopilot Lawsuit, JPMorgan Unveils Potential CEO Successors, and More • IH Market News • 04/09/2024 10:39:30 AM
- SoFi Schedules 2024 Annual Meeting of Stockholders • Business Wire • 04/08/2024 09:00:00 PM
- SoFi Schedules Conference Call to Discuss Q1 2024 Results • Business Wire • 04/02/2024 12:00:00 PM
- Galileo Expands Buy Now Pay Later Solution to Include Post-Purchase Options for Credit and Debit • Business Wire • 03/19/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/08/2024 10:23:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/08/2024 10:22:50 PM
- Airship AI skyrockets with DOJ contract; Carrier Global sells Fire Industrial division for $1.43 billion, and Latest News • IH Market News • 03/06/2024 11:01:03 AM
- SoFi Technologies, Inc. Prices $750 Million Convertible Senior Notes Offering Due 2029 • Business Wire • 03/06/2024 02:23:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/05/2024 01:31:56 PM
- SoFi Technologies, Inc. Announces Proposed Convertible Senior Notes Offering Due 2029 • Business Wire • 03/05/2024 01:02:00 PM
- Galileo Expands Collaboration with The Bancorp to Offer Real-Time Payments via The Clearing House • Business Wire • 03/04/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 02:17:10 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 11:20:31 PM
- SoFi Named the Official Banking Partner of the NBA, NBA G League, NBA 2K League and USA Basketball • Business Wire • 02/13/2024 02:00:00 PM
- SoFi to Participate in Upcoming Investor Conference • Business Wire • 02/12/2024 09:00:00 PM
Green Leaf Innovations, Inc. Engages Olayinka Oyebola & Co for Two-Year Audit • GRLF • May 28, 2024 8:30 AM
HealthLynked Introduces AI-Powered Chat Function to Enhance Healthcare Accessibility • HLYK • May 28, 2024 8:00 AM
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology • AVAI • May 23, 2024 8:00 AM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM