CNBC host Jim Cramer said he believes shares of online personal finance company SoFi Technologies Inc. SOFI will be “going down soon” and he will buy if the stock dropped further.
What Happened: “I mean, this thing has just been a nightmare, and [CEO] Anthony Noto is better than that. It’s at $15. I’m a buyer at the $14 level,” Cramer said on CNBC’s “Mad Money Lightning Round” on Monday.
SoFi Technologies is backed by influential venture capitalist Chamath Palihapitiya.
See Also: 'Halftime Report' Traders Share Their Thoughts On Amazon, SoFi And More
Why It Matters: Cramer had said in June that he is "a buyer of Anthony Noto," the CEO of SoFi Technologies. Cramer and Noto have been friends since 1995.
SoFi Technologies shares experienced unusual options activity and closed lower for the second straight day on Monday. The stock is seeing high interest from retail investors but its market price is trending downwards since early June.
A lock-up period for shareholders holding more than 5% of SoFi Technologies’ shares expired in late June. The stock’s year-to-date returns are 24.3%.
Price Action: SoFi Technologies shares closed almost 0.9% lower in Monday’s trading at $15.17.
Read Next: Nvidia, GameStop, AMC — Stocks WallStreetBets Is Talking About Today
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
