Truist Securities reduced its price target for SoFi Technologies to $17 from $20. Analyst Matthew Coad maintained a Hold rating on the stock. The revision follows lowered Q2 revenue forecasts. Coad cited weaker sale assumptions for the loan platform and softer demand for the technology segment. SoFi shares traded lower following the report.
Separately, SoFi is acquiring most assets of PrimaryBid, a U.K.-based fintech platform. The acquisition enables retail investor participation in public listings. This move is intended to expand SoFi's capital markets footprint. CEO Anthony Noto recently increased his personal shareholdings in the company.