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SoFi Shares Slide 4.6% Amid Broad Tech Weakness Despite JPMorgan Upgrade

SoFi Shares Slide 4.6% Amid Broad Tech Weakness Despite JPMorgan Upgrade

Author:

Global Cryptocurrency

Published:

2026-02-05 08:37:02

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BTCCSquare news:

SoFi Technologies (NASDAQ: SOFI) fell 4.6% to $20.75, extending a 9% decline since late January. Trading volume surged to 85 million shares as fintech stocks faced pressure from broader market turbulence. The Nasdaq Composite dropped 1.5%, with growth stocks bearing the brunt of investor caution ahead of key U.S. economic data releases.

JPMorgan's upgrade to 'Overweight' with a $31 price target failed to stem the selloff. Analyst Reginald Smith cited strong member growth and deposit metrics, but macroeconomic uncertainties overshadowed fundamental strengths. The disconnect highlights fintech's vulnerability to shifting risk appetites in volatile markets.

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