SoFi downgraded again at Wedbush on fair value accounting risks, stock slides 11%

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SoFi downgraded again at Wedbush on fair value accounting risks, stock slides 11%

seekingalpha2023-05-15

SoFi Technologies (NASDAQ:SOFI) slid as much as 10.9% to over three-month low on Monday as Wedbush downgraded the stock to Underperform from Neutral on account of the company's fair value accounting ...

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JD88
·2023-05-15
If you don't do your own due diligent, you may sell away your good stocks because of those manipulation clown!
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The downgrade comes two weeks after Wedbush turned neutral on the stock. \"We believe SOFI may be nearing a tipping point on the fee income it recognizes related to loan origination and sales,\" said analyst David Chiaverini. \"Capital levels may be overstated using fair value accounting and we believe SOFI may look to raise capital this year to support growth.\" The company may consider an equity capital raise (which may not be at favorable terms) if it can't achieve GAAP profitability in 2023, according to its 10-Q filing. 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