SoFi Technologies (SOFI)

May 18, 2023Trade Ideas

Keep an eye on SoFi Technologies (SOFI).

At the moment, the stock is sitting at double bottom support, and could potentially refill its bearish gap initially around $5.50. Longer-term, we’d like to see it retest $6.50. It’s also over-extended on RSI, MACD, and Williams’ %R at the moment. Helping, analysts at Mizuho say the bears are “mathematically and intellectually off” when it comes to SOFI.

As quoted by Seeking Alpha, “They wrongly conclude that since no personal loans were sold in Q1, SOFI is unable to sell its loans,” said Dan Dolev, managing director at Mizuho, while reaffirming its Buy rating. “We believe the correct reasoning is that SOFI is able to earn ~6.4% annualized yield on holding its personal loans, which is more attractive than selling them at ~5%.”

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