From Nasdaq, Inc.:

SoFi Technologies (NASDAQ: SOFI) shares fell 16.6% this week after a Wall Street analyst downgraded the banking and fintech services stock. Mike Perito of Keefe, Bruyette & Woods lowered his per-share price target on SoFi to $6.50 from $7.50. He expressed concern that falling interest rates could negatively impact SoFi’s earnings by around $50 million, or around $0.05 per share, for every quarter-point reduction in the federal funds rate this year. Despite the pullback, SoFi management predicts the company will report its first-ever generally accepted accounting principles (GAAP) net profit with its fourth-quarter report later this month.

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Steve Symington has positions in SoFi Technologies and has the following options: long January 2024 $15 calls on SoFi Technologies. The Motley Fool has no position in any of the stocks mentioned The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



Read more: Why SoFi Stock Dropped 16% This Week