Despite having a relatively steady 2023 and early 2024, the stock of financial technology company SoFi Technologies (NASDAQ: SOFI) has made a turn for the worse in the past several days, but experts remain cautiously optimistic regarding the SOFI price for the following 12 months.
Indeed, the shares of SoFi Technologies, which boasts a wide assortment of banking and financial services, like student loans, mortgage refinancing, and insurance, have dropped over 15% after SoFi said it planned to raise $750 million by issuing convertible senior notes due 2029.
Wall Street weighs in on SOFI stock
With this in mind, half of the 16 Wall Street experts who shared their views of the future of the SOFI shares have rated them as a ‘hold,’ with four votes still recommending a ‘buy’ and another four analysts suggesting a ‘sell,’ according to the latest TipRanks data retrieved on March 6.
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At the same time, these experts have offered their yearly targets for SoFi stock price over the course of the past month, predicting SOFI shares will increase by 25.58%, towards the average price of $9.13, with the lowest target standing at $3 (-58.74%) and the highest at $15 (+106.33%).
SoFi stock price analysis
Meanwhile, the price of SoFi stock at press time amounted to $7.27, suggesting a decline of 15.27% on the day, as well as plunging 19.58% across the past week, and losing 4.09% to its value over the month, but recovering 3.65% to $7.54 in pre-market trading, as per data on March 6.
Notably, SOFI is one of the lesser-performing stocks in the consumer finance industry, considering the fact that 62% of the other 52 stocks in the sector are currently doing better. Furthermore, it is currently trading near the lows of its last month’s quite wide range between $7.26 and $9.18, which are negative signs.
On the other hand, SoFi stock is outperforming 63% of all the other assets in the stock market in terms of their yearly performance, trading in the middle of its 52-week range, and demonstrating a healthy liquidity of 54.3 million traded shares per day, painting a neutral overall picture in the long and short term.
It is also worth noting that Jim Cramer, often the laughing stock among the cryptocurrency enthusiasts over his missed prognoses for crypto assets, was bullish on SOFI back in November 2023, sharing his plans to “remain a buyer,” as Finbold reported on November 28.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
