SoFi stock drops on Wedbush downgrade and executive share sell-off.
TL;DR Summary
Wedbush downgraded SoFi Technologies to Underperform from Neutral due to concerns over the company's fair value accounting model, which may lead to headwinds. Analyst David Chiaverini believes that the company's capital levels may be overstated using fair value accounting and that it may need to raise capital this year to support growth. The price target was cut to $2.50 from $5. SoFi's stock slid as much as 10.9% to a three-month low.
Topics:business#capital-raise#fair-value-accounting#finance#sofi-technologies#stock-downgrade#wedbush
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