New York, February 5, 2026, 12:50 (EST) — Regular session
- SoFi shares dropped 3.7% to $19.98 during mid-session trading, having earlier dipped to $19.20.
- A JPMorgan filing revealed its SoFi stake had dipped under 5%, slipping below the threshold that mandates big-holder disclosures.
- JPMorgan analyst Reginald Smith upgraded the stock this week, even as other fintech peers took a hit.
Shares of SoFi Technologies dropped 3.7% to $19.98 on Thursday, lagging a soft U.S. market as investors reacted to a new JPMorgan ownership filing. The stock touched an intraday low of $19.20.
SoFi has swung back into being a sentiment-driven stock. It can jump sharply on shifts in institutional positioning, analyst upgrades or downgrades, and interest rate news—often without any fresh updates from the company itself.
This week showed a classic tug-of-war: JPMorgan’s own team grew more upbeat on the stock, yet a regulatory filing revealed its stake had dropped below the disclosure threshold. Investors often combine those signals, whether that’s justified or not.
JPMorgan Chase & Co. disclosed in a Schedule 13G/A filed Wednesday that it owns 47,207,186 shares of SoFi, representing 3.7% of the company’s class as of Jan. 30. This marks a decline from a previous Schedule 13G in January, which showed a 5.1% stake as of Dec. 31. (The “/A” indicates this is an amended filing.) (Securities and Exchange Commission)
JPMorgan’s Reginald Smith raised SoFi to “Overweight” from “Neutral,” keeping the price target steady at $31. He said the recent dip in shares provided “the entry point” they’d been waiting for, highlighting the company’s “undeniable” momentum. (TipRanks)
Thursday saw a wider sell-off in stocks. The S&P 500 ETF SPY dropped 0.7%, the Nasdaq-100 proxy QQQ lost 0.6%, and the financial sector ETF XLF edged down roughly 0.7%.
Other high-beta fintech stocks slipped as well. Upstart declined roughly 5.2%, Robinhood slid about 5.3%, while LendingClub and Affirm dropped between 2% and 3%.
San Francisco’s SoFi operates at the intersection of consumer lending and digital banking, while also running a tech platform that provides infrastructure to other financial firms. This blend makes it vulnerable to changes in the credit cycle and swings in risk appetite.
One unresolved issue: the filings don’t clarify why position sizes shift, and a 13G isn’t an activist flag. Yet traders keep an eye on whether other big holders file similar disclosures, particularly when the stock is already in decline.
Risks cut both ways now. Should credit concerns spike or investors demand a reset on the sector’s growth multiples, SoFi could slide further despite upbeat analyst commentary. On the flip side, a drop in rates coupled with a rebound in risk appetite might push it higher.
Traders are now focused on the U.S. data calendar for clues on interest rates. The Bureau of Labor Statistics has scheduled the January Employment Situation report for Feb. 11 at 8:30 a.m. Eastern. This follows adjustments to release dates due to a government services lapse. (Bls)
