SoFi Technologies Inc. (SOFI) shares plummeted 5.04% in Tuesday's trading session, underperforming the broader market. The sharp decline came as multiple analysts issued bearish downgrades and lowered their ratings on the financial technology company.
Morgan Stanley analyst Jeffrey Adelson maintained a Sell rating on SOFI stock, citing uncertain future prospects amid mixed financial forecasts. Similarly, KBW analyst Tim Switzer reiterated a Sell rating and set a price target of $8 on SoFi Technologies, reflecting a negative outlook for the company.
While BTIG analyst Vincent Caintic took a more neutral stance with a Hold rating, he expressed cautious optimism amidst concerns over earnings per share growth challenges. The confluence of these bearish analyst views and downgrades weighed heavily on SOFI's stock, driving the substantial intraday plummet.
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