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SoFi Technologies Inc (NASDAQ:SOFI) shares are trading lower Tuesday. One analyst firm lowered its price target on the stock ahead of earnings.
What To Know: Keefe, Bruyette & Woods analyst Timothy Switzer maintained SoFi with a Market Perform rating on Tuesday, but lowered the price target from $7.50 to $7.
The news comes as SoFi gears up to report earnings at the end of the month. SoFi is due to report second-quarter financial results before the market open on July 30. Analysts currently expect the company to report earnings of 1 cent per share and revenue of $563.973 million. It’s worth noting that SoFi has a strong track record of meeting or exceeding earnings estimates, according to Benzinga Pro.
SoFi also announced Tuesday that its Galileo Financial Technologies arm is now providing fintechs with wire transfer capabilities, allowing them to offer more options for fast, secure money movement. SoFi noted that this service is in high demand for businesses and consumers that need immediate and secure transactions.
“Galileo continues to power most of the leading fintechs in the US and provide a one-stop-shop for a wide variety of payment methods,” said David Feuer, chief product officer at Galileo.
“Adding wire transfer capabilities supports the demand for fast and secure money movement and integrates seamlessly with fintech’s existing financial infrastructures through API access.”
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By now you're likely curious about how to participate in the market for SoFi – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of SoFi, which is trading at $6.18 as of publishing time, $100 would buy you 16.18 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
SOFI Price Action: SoFi shares were down 2.13% at $6.21 at the time of writing Tuesday, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: SOFI
