SoFi Technologies (SOFI) stock dropped 7% after announcing a $1.5 billion convertible notes offering, raising concerns about dilution. The stock fell below its 100-day moving average, signaling bearish momentum. Despite the near-term challenges, long-term investors may see potential growth opportunities. Mizuho analyst forecasts upside to $31 in the next year due to expansion in crypto trading and blockchain remittances. However, with a high forward P/E ratio of 78x, SoFi shares may not be cheap. Caution is advised when considering a new position in SOFI stock at current levels. Analyst consensus is currently “Hold” with a mean target of $27.

Read more at Barchart: SoFi Stock Breaks Below Key Moving Averages on $1.5B Offering. Should You Buy the Dip?