What's Going On With SoFi Technologies Stock?

SoFi Technologies Inc SOFI shares are trading lower Tuesday as analysts cut price targets on the stock on the heels of the company's quarterly report.

What Happened: On Monday, SoFi reported adjusted sales of $460 million, which beat consensus estimates of $441.02 million, according to Benzinga Pro. The company reported a quarterly loss of 5 cents per share, which beat estimates for a loss of 7 cents per share. 

SoFi also raised its full-year 2023 guidance from a range of $1.925 billion to $2 billion to a range of $1.995 billion to $2.02 billion versus estimates of $1.99 billion.

"Strength across all three of our business segments — Lending, Technology Platform and Financial Services — drove these record results," said Anthony Noto, CEO of SoFi.

Despite the better-than-expected results, the stock traded lower in the wake of the report and it's continuing to move lower as analysts lower price targets. Wedbush also downgraded the name.

• Wedbush analyst David Chiaverini downgraded SoFi from Outperform to Neutral and lowered the price target from $8 to $5.
• Credit Suisse analyst Timothy Chiodo maintained SoFi with a Neutral and lowered the price target from $7.50 to $7.
• Oppenheimer analyst Dominick Gabriele reiterated SoFi with an Outperform and a $7 price target.

See Also: SoFi Technologies Tumbles On Q1 Earnings, But Bullish Analyst Says 'Momentum Continues'

SOFI Price Action: SoFi shares were down 3.11% at $5.30 at the time of publication, according to Benzinga Pro.

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