EARN25

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
facebook X logo linkedin


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. 

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!