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SoFi's stock selloff builds as lull in loan sales sparks concerns

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SoFi Technologies Inc.'s stock was poised to extend its slide Tuesday as Wall Street continued to digest the company's mixed earnings report

SoFi Technologies Inc.’s stock was poised to extend its slide Tuesday as Wall Street continued to digest the company’s mixed earnings report.

The neobanking and lending company, which posted first-quarter numbers Monday, beat expectations with its headline results, but some analysts saw reason for concern below the surface. SoFi shares were off more than 7% in morning trading Tuesday after declining 12% in Monday’s session. “[T]here were no loan sales in the quarter and the company is rapidly growing the balance sheet,” he wrote.

 

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