SoFi Technologies (NASDAQ: SOFI) shares dropped -2.81% after five days of gains, reflecting a monthly loss of -13.07%. Despite a solid year-to-date increase of 10.12% and a 111.13% rise over the past year, investor sentiment was dampened by disappointing forward EPS guidance following strong Q4 earnings. Morgan Stanley and Needham & Company adjusted their price targets, with Needham raising it to $20. SoFi, established through a SPAC merger, has expanded from student loans to various financial services, utilizing capital from its 2020 acquisition of Galileo's platform.
Shares of SoFi Technologies fell -2.81%, ending a five-session rally, leading to a one-month loss of -13.07%, despite a strong year-to-date gain.
Morgan Stanley raised SoFi's price target from $7.50 to $13.00, calling it "underweight," as Needham & Company raised its outlook from $13.00 to $20.00 and issued a "buy" rating.
SoFi reported Q4 earnings of 5 cents EPS, beating estimates but disappointing investors with a forward guidance of annual EPS between 25 cents to 27 cents.
SoFi's IPO on June 1, 2021, at $10 per share led to a massive early increase of 150%, yet the stock has struggled to maintain that momentum.
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