SoFi Technologies Inc. (SOFI) stock faced a significant selloff in the pre-market trading session on Tuesday, plummeting 6.26%. The steep decline was fueled by a downgrade and lower price target from KBW analyst Tim Switzer.
Switzer maintained a "Sell" rating on SOFI shares and slashed the price target to $8, citing concerns about the company's growth prospects and profitability. The analyst's negative outlook weighed heavily on investor sentiment, triggering a wave of selling pressure in the early trading hours.
While SoFi's SFY ETF has gained traction with over $500 million in assets under management, the company's core lending and financial services business continues to face challenges in a competitive landscape. Investors will be closely monitoring SoFi's upcoming earnings release for updates on its strategy and financial performance.
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