SoFi Stock Is Falling Again. Wall Street Is Worried.
SoFi Technologies offered plenty of positives in its first-quarter report, but it wasn’t enough for Wall Street. On the earnings call, management said it sold $62.5 million of late-stage delinquent personal loans in the first quarter and that its annualized personal loan charge-off rate—unrecoverable company-owned debt—fell to 3.45% from 4.02% in the fourth quarter, including the delinquency sale. Citi analysts Peter Christiansen and Rebecca Lu, who rate shares at Buy and have a price target of $11, believe guidance and the higher-than-expected charge-off rate dragged the stock lower.