SoFi stock sinks 8% after BofA underperform call; dilution and Jan. 30 earnings in focus
SoFi Technologies shares fell 7.9% to $26.98 Tuesday after Bank of America resumed coverage with an underperform rating and a $20.50 price target. The drop followed news that SoFi sold 57.8 million shares at $27.50 each in a December offering, increasing dilution concerns. Trading volume topped 118 million shares. Goldman Sachs and Barclays also adjusted their price targets, signaling mixed analyst sentiment.