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Wednesday, January 03, 2024 12:00:38 PM
SoFi Technologies (SOFI) Stock Sharply Lower After Downgrade
By: Schaeffer's Investment Research | January 3, 2024
• KBW downgraded SOFI to "underperform" from "market perform"
• Options traders are chiming in on the dip
SoFi Technologies Inc (NASDAQ:SOFI) stock is plummeting today, down 13.1% at $8.39 at last glance, after a downgrade from Keefe, Bruyette & Woods (KBW) to "underperform" from "market perform," with a price-target cut to $6.50 from $7.50. The majority of analysts lean bearish on the equity, with only six of the 19 in coverage carrying a "buy" rating.
Today's drop has SOFI back below familiar pressure at the $9 level, as well as recent support at its 20-day moving average. In the last year, the equity is still up 87.9%.
Options traders are chiming in on the dip, with 164,000 calls and 198,000 puts exchanged so far, which is triple the amount typically seen at this point. The January 8 put is the most popular, with new positions opening there.
Meanwhile, though short interest has been unwinding -- down 10% in the last two weeks -- it still represents 14.5% of the stock's available float. It would take shorts over three days to cover their bets, at SOFI's average pace of trading.
Read Full Story »»»
DiscoverGold
By: Schaeffer's Investment Research | January 3, 2024
• KBW downgraded SOFI to "underperform" from "market perform"
• Options traders are chiming in on the dip
SoFi Technologies Inc (NASDAQ:SOFI) stock is plummeting today, down 13.1% at $8.39 at last glance, after a downgrade from Keefe, Bruyette & Woods (KBW) to "underperform" from "market perform," with a price-target cut to $6.50 from $7.50. The majority of analysts lean bearish on the equity, with only six of the 19 in coverage carrying a "buy" rating.
Today's drop has SOFI back below familiar pressure at the $9 level, as well as recent support at its 20-day moving average. In the last year, the equity is still up 87.9%.
Options traders are chiming in on the dip, with 164,000 calls and 198,000 puts exchanged so far, which is triple the amount typically seen at this point. The January 8 put is the most popular, with new positions opening there.
Meanwhile, though short interest has been unwinding -- down 10% in the last two weeks -- it still represents 14.5% of the stock's available float. It would take shorts over three days to cover their bets, at SOFI's average pace of trading.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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