Short sellers added 22% more shares over the past month as analysts slashed price targets across the board. SoFi reports Monday morning with a hold consensus and fresh concerns about growth prospects.
Short interest stood at 168.3 million shares on April 23, representing 14.0% of the free float. Shorts added 21.9% to positions over the past month, though the week-over-week trend shows a modest 0.3% decline. Days to cover sits at 3.1 according to the latest FINRA data. Cost to borrow has eased to 0.41%, down 12.0% over the past week and 16.8% lower month-over-month. Utilisation jumped to 29.8%, approaching the 52-week high of 40.3% reached earlier this month.
The put/call ratio spiked to 0.543 on April 24, running 2.3 standard deviations above the 20-day mean of 0.48. The PCR sits in the middle of its 52-week range (0.42 to 0.68). The elevated reading suggests hedging activity or bearish positioning ahead of the print.
Twelve analysts hold a collective "hold" rating on SOFI. Recent activity has been uniformly negative. Truist Securities lowered its target to $20 from $21 on April 24. Goldman Sachs cut to $20 from $25 on April 14. Barclays made the deepest reduction, slashing to $18 from $28 on April 6. Keefe Bruyette holds the lowest view at $17 underperform. The lone bright spot came in February when JP Morgan upgraded to overweight with a $31 target and Citizens moved to market outperform at $30. Benzinga's bull case highlights record $10.5 billion quarterly originations and 46% year-over-year growth driving member expansion. The bear case warns that revenue growth concerns and intense neobanking competition threaten long-term targets despite improved margins.
The P/E ratio stands at 28.1x, up 2.6 turns over the past month. Price-to-book sits at 2.07x, climbing 0.12x in 30 days. SoFi ranks in the 97th percentile for forward EPS growth and the 85th percentile on 90-day EPS momentum. EPS surprise scores at the 76th percentile.
Insiders sold a net $17.0 million over the past 90 days, dominated by CTO Jeremy Rishel's $4.5 million in March sales. CEO Anthony Noto bought 28,900 shares at $17.32 on March 17, a minor offset. Vanguard increased its stake by 3.9 million shares to 8.7% of the company. BlackRock added 6.8 million shares, now holding 5.4%. JP Morgan Asset Management significantly boosted its position by 13.0 million shares.
SOFI last reported on January 30. The stock is down 5.1% over the past week but up 10.4% over the month, closing at $18.44 on April 24.
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