Oppenheimer downgraded SoFi Technologies (SOFI) to "perform"
The shares of SoFi Technologies Inc (NASDAQ:SOFI) are down 4.6% at $9.29 before the opening bell, following a downgrade from Oppenheimer. The Wall Street analyst downgraded the fintech stock to "perform" from "outperform," saying that, despite its long-term optimism, the stock's short-term price appreciation is well above the broader market's rise.
Coming into today, covering brokerages were split on SOFI, with six saying "strong buy" and six recommending a "hold" or worse. Meanwhile, BTIG yesterday initiated coverage with a "buy" rating and a $14 price target.
Short sellers are building positions. Short interest is up 13.7% in the last two reporting periods, and the 110.48 million shares sold short make up 13.1% of the stock's available float.
SoFi Technologies stock has roared up the charts over the last few weeks, following rumblings of resumed student loan payments. The equity yesterday touched a more than 52-week high of $10.23 and, despite today's pending pullback, stand more than 100% higher in 2023.