SoFi Technologies Stock Pulls Back After Earnings

The shares haven't had a negative post-earnings day yet

Deputy Editor
May 1, 2023 at 10:41 AM
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SoFi Technologies Inc (NASDAQ:SOFI) stock has reversed its earlier surge, down 5.5% to trade at $5.88 at last glance. The financial services name announced narrower-than-expected first-quarter losses per share and a revenue beat, but the shares are on track for their first-ever negative post-earnings close (having gone public late 2020). Year-to-date, the equity is up 25.4%. 

Over in the options pits, options bulls are taking charge, with 131,000 calls and 42,000 puts exchanged so far -- eight times the intraday average volume. The weekly 5/5 6-strike call is the most active contract, with new positions being opened there. 

Calls were more popular than usual leading up to the earnings event as well. SOFI's 10-day call/put volume ratio of 6.92 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 96% of readings from the past year. 

Analysts have yet to chime in today, with six of the 10 in coverage carrying a "strong buy" rating, and the remaining four a "hold." The 12-month consensus price target of $7.88 is a roughly 37% premium to current levels. 


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