SoFi Technologies Inc. (SOFI) stock plunged as much as 5.01% in pre-market trading on Tuesday, following a downgrade and lower price target from KBW analyst Tim Switzer.
Switzer maintained a "Sell" rating on SOFI shares and lowered the price target to $8, citing concerns about the company's growth prospects and profitability. The analyst's negative outlook weighed on investor sentiment, triggering a sell-off in the pre-market session.
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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