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Why SoFi Technologies Stock Crumbled Today

TheMotleyFool

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Shares of red-hot fintech SoFi Technologies (NASDAQ: SOFI), which more than doubled in 2023, are stumbling out of the gate in 2024. After sliding 3% on Jan. 2, the first trading day of the New Year, SoFi fell further Wednesday morning, with the stock losing an additional 13.5% through 11:35 a.m. ET.

I blame investment bank Keefe, Bruyette & Woods for that.

From a share price below $5 at the start of last year, SoFi stock raced past $10 a share in the closing days of 2023. But investors may have become just a wee bit irrationally exuberant about this unprofitable fintech, as Keefe, Bruyette & Woods pointed out in a downgrade covered on StreetInsider.com this morning.

Source Fool.com

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