Several fintech stocks are underperforming this year
Though fintech stocks are particularly sensitive to artificial intelligence (AI) developments or Big Tech partnerships, most of the heavy hitters in the sector have been asleep at the wheel this year. Today, PayPal Holdings (PYPL) stock soared into positive territory in 2024 after upbeat earnings, but there are plenty of other high-profile stocks still swimming in red ink and posing interesting entry points.
Affirm Holdings Inc (NASDAQ:AFRM) is severely underperforming with a 44.4% year-to-date deficit. The stock has been chopping higher since last week's 2024 lows, however, and is currently up 1.9% at $27.36 after an upgrade from BofA Global Securities to "buy" from "neutral." The firm cited the company's profit outlook and potential support from interest rate cuts.
SoFi Technologies Inc (NASDAQ:SOFI) stock initially moved higher after strong second-quarter earnings today, noting growth in home loans, but has since pulled back -- down 0.4% at $7.29 at last check. The $8 level has provided firm pressure for the shares since early March, and the equity is down 26.5% year to date.
Block Inc (NYSE:SQ) hit an eight-month low of $59.77 today, currently down 1.1% at $60.09 at last look. The $60 level appears to be emerging as support, however, as the stock struggles to regain some of its 22.3% year-to-date losses.