Stock Market Today, Feb. 23: SoFi Technologies Pulls Back as Investors Reassess Fintech Momentum
SoFi Technologies (NASDAQ:SOFI), a digital-first banking and lending platform, closed Monday’s session at $18.23, down 4.15%. The stock declined as investors responded to its lowest price since July and are watching for signs of stabilization after a strong prior-year rally.
The company’s volume reached 82 million shares, which is roughly 49% above compared with its three-month average of 54.9 million shares. SoFi Technologies went public in 2021 and has grown 49% since going its IPO.
How the markets moved today
The broader markets weakened Monday, with the S&P 500 (SNPINDEX: ^GSPC) falling 1.01% to 6,840 and the Nasdaq Composite (NASDAQINDEX: ^IXIC) slipping 1.13% to finish at 22,627. Among financial technology (FinTech) industry peers, LendingClub (NYSE:LC) closed at $14.75, down 9.29%, and Upstart (NASDAQ:UPST) ended at $27.26, off 6.93%, reflecting pressure across fintech lenders.
What this means for investors
SoFi shares dropped to their lowest point since July as selling continued in the fintech and digital lending sector. The stock is now over 42% below its November high, a drawdown that reflects shifting investor appetite for growth-oriented financial platforms amid a weaker broader market.
In the latest quarter, SoFi reported revenue of over $1 billion and a record net income of $174 million. This shows progress in growing its banking platform and moving beyond student loan refinancing. J.P. Morgan recently upgraded the stock to Overweight with a $31 price target, pointing to strong business momentum. Envestnet Asset Management also raised its stake in SoFi during the third quarter, despite increased volatility in fintech stocks.
SoFi is currently growing its product lineup with new digital asset and cash management options in order to boost member engagement. Investors will be watching to see if steady earnings growth and member expansion will help the stock recover after its recent drop.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Upstart. The Motley Fool has a disclosure policy.
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