Why Is SOFI Stock Down 13% Today?

Shares of SoFi (NASDAQ:SOFI) stock are down by about 13% today following a downgrade and price target reduction from a top analyst.This morning, Keefe, Bruyette & Woods analyst Mike Perito downgraded SOFI stock to “underperform” from “market perform” while lowering the price target to $6.50 from $7.50, reflecting a 13.3% reduction. The price target implies downside of about 22% from current levels.Perito is ranked at 358 among 8,653 Wall Street analysts tracked by TipRanks. He carries a 64% success rate wit ...