SoFi Technologies (NASDAQ: SOFI) stock plummeted in Wednesday's trading. The fintech company's share price closed out the daily session down 13.9%.

SoFi stock fell in today's trading following news that Keefe, Bruyette & Woods (KBW) analyst Michael Perito had downgraded his rating on the stock from market perform to underperform. In addition to the ratings downgrade, Perito lowered his one-year price target on the stock from a previous rating of $7.50 per share to $6.50 per share.

The big sell-off for SoFi stock today after bearish coverage from KBW analyst Michael Perito highlights the fact that the company's shares trade at a speculative, growth-dependent valuation. Analyst coverage tends to have an outsized impact on companies with uncertain futures.

Continue reading

Source Fool.com