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.
Easy come, easy go
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.
On the one hand, admits the analyst, it’s “possible” that when SoFi next reports earnings, it will turn out that SoFi made its first-ever profit (despite never having been profitable before). But this is a…
