SOFI Stock Forecast: Bulls In Fear, Will SOFI Revisit $4?
SOFI stock breaks 50 EMA support and heading toward 200 EMA. Bearish momentum seen in the stock recently. SoFi Technologies (NASDAQ: SOFI) is a financial technology company that provides users with a range of goods and services, such as refinancing for student loans, personal loans, mortgages, investment products, and banking services. SOFI stock price has advanced along with the company’s recent substantial growth.
SOFI stock 2nd-quarter earnings per share (EPS) were unfavorable at $0.06, topping the analysts’ consensus expectation of negative $0.07 by one cent. Additionally, the firm revenue also exceeded the consensus estimate of $473.94 million by $14.86 million.
Record GAAP and adjusted net revenue of $498 million and $489 million, up 37% annually, were achieved by the firm. The company expanded its membership by more than 584,000 during the 2nd quarter, getting it to over 6.2 million, a 44% growth from the same period last year.
The company’s total product count climbed by over 9.4 million, or 43%, from the previous year. The company’s performance was boosted by robust growth in its Lending business as well as in its Technology Platform and Financial Services segments.
Anthony Noto, the CEO of the business, claimed that the outcomes show the advantages of the firm’s extensive product line and distinctive Financial Services Productivity Loop method. • The business increased its full-year outlook for 2023 to $1.95-$2 billion for adjusted net revenue and $250-$275 million for adjusted EBITDA.
What Technical Analysis of SOFI Stock Price Says?
CMT by shubhamsm006 on TradingView.com
SoFi Technologies (NASDAQ: SOFI) stock is trading below its 50-day moving average and heading toward the 200-day moving average at the time of this publication.
Nevertheless, if more selling volume adds up, the price could make lower highs and lows, overcoming the SMAs. On the daily timeframe chart, SoFi Technologies is expected to move downwards, giving bearish views.
RSI currently stands at 40.05 points. Currently, the 14 SMA is above the median line at 52.54 points, indicating a bearish trend for SOFI.
The MACD line at -0.1047 and the signal line at 0.1203 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the SoFi Technologies stock price.
Summary
Technical oscillators from SOFI (NASDAQ: SoFi Technologies) also corroborate the bearish trend. The MACD, RSI, and EMA reinforce bearish signals and suggest that the SoFi Technologies stock price may continue to decline. The SOFI price action implies that on the 1-D time period, traders and investors are pessimistic. Right now, the price activity shows a gloomy outlook.
Technical Levels
- Support Levels: $8.87 and $6.49
- Resistance levels: $12.80 and $14.10.
Disclaimer
This article is for educational and informational purposes only. It is not intended to be a source of financial, investment, or trading advice. Stock investing and trading involve risk. You should evaluate your own situation and risk tolerance before making any investment decisions.
