Why SoFi Technologies Shares Are Diving Today
Portfolio Pulse from Lekha Gupta
SoFi Technologies Inc's Q2 2023 earnings results have received mixed reactions from analysts. Despite reporting a 37% Y/Y adjusted revenue increase to $488.8 million and raising its 2023 adjusted net revenue and EBITDA guidance, the company's shares are trading lower. Keefe, Bruyette & Woods downgraded the stock to Underperform, BTIG reduced the price target to $13, while Truist Securities raised the price target to $16.
August 04, 2023 | 9:45 am
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NEGATIVE IMPACT
SoFi's Q2 2023 earnings beat revenue consensus and the company raised its 2023 guidance. However, the stock was downgraded by Keefe, Bruyette & Woods and BTIG reduced its price target, leading to a drop in share price.
SoFi's positive earnings results and raised guidance for 2023 were overshadowed by the downgrade from Keefe, Bruyette & Woods and the reduced price target from BTIG. This negative sentiment from analysts likely contributed to the drop in SoFi's share price.
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