SoFi Stock Tumbles 30% YTD: Is Now the Time to Buy?

SoFi Stock Tumbles 30% YTD: Is Now the Time to Buy?

SoFi Technologies (SOFI: NSD) has endured a challenging year in 2024, with its stock price plummeting over 30% year-to-date (YTD). This decline has inevitably triggered investor wariness, and analyzing current sentiment can provide clues about SOFI’s future trajectory.

 

Analyst Ratings Divided on SoFi: 

Analysts are divided on SOFI’s prospects. While some, like Truist Financial’s Andrew Jeffrey, recommend buying the stock due to its discounted price, with a target price implying nearly a 100% upside, others are more cautious. The average analyst rating sits at “Hold,” with a mix of “Strong Buy” and “Sell” ratings as well.

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Market Sentiment and Future Outlook: 

It’s important to consider SOFI’s performance relative to the broader market. The S&P 500 has also experienced a decline in 2024, but to a lesser extent than SOFI. This suggests that SOFI’s drop might be partly due to company-specific factors, alongside general market trends.

The current investor sentiment on SOFI is mixed. While some analysts see an opportunity, others remain hesitant. Further developments from the company and the overall market will likely shape SOFI’s stock price in the coming months.

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