Million

Resistance

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>NASDAQ: SOFI stock lost 3.57% of its trading price in the August 15 trading.</a> </li> 
 <li> <span>2</span> <a>At press time, SOFI share price was trading above the 50-day and 200-day exponential moving averages.</a> </li> 
 <li> <span>3</span> <a>The annual price target of SOFI stock is $9.91, which is 18.42% greater than the stock’s current trading price.</a> </li> 
</ul> 
<p>NASDAQ: SOFI stock lost 3.57% of its trading price on the August 15 trading session. It opened at $8.60, lowering to $8.34, it hit a high of $8.60 and closed at $8.37 with an intraday trading volume of 23.709 Million.</p> 
<p>SOFI shares traded highest at $11.70 and lowest at $4.24 in the past 52 weeks’ trading session. Due to the massive sell-off on August 15, analysts claim that SOFI stock will open below its last closing price.</p> 
<p>SoFi Technologies, Inc. has a market capitalization of $7.952 Billion, and the average trading volume is 36.251 Million. As per the relevant and available data, the annual price target of SOFI stock is $9.91, which is 18.42% greater than the stock’s current trading price.</p> 
<h2 class="wp-block-heading" id="strong-sofi-stock-price-analysis-strong"><strong>SOFI Stock Price Analysis</strong></h2> 
<p>In the first half of the August 15 trading session, buyers ruled over sellers, but buyers lost their positions by the end.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/rK6BQaRWU3ihuOADkWEJmttvnMbnbyy_J8UmSTlJxZRouT4C5SkfXMaqytVE4XTvRzibiSVFAp4V6XI79HU8N2e4WeFFZTnoUTuPEYGp_K9yvbPhgBBPtrwklBbZTuhPvN-0hOnZmDNWEBa5HVRCEg" alt="SOFI Stock Fell 7% Weekly; Price is Chasing Resistance $9?"> 
  <figcaption class="wp-element-caption">
    Source: SOFI stock price chart from TradingView&nbsp; 
  </figcaption> 
 </figure> 
</div> 
<p>If sellers continue to dominate, then there are expectations that SOFI stock price might face the nearest support of $7.86 and the next possible support of $6.71.</p> 
<p>If buyers succeed in dominating sellers, SOFI stock might face the upcoming resistance of $9.45 and the approaching resistance of $10.17. At press time, SOFI share price was trading above the 50-day and 200-day exponential moving averages.&nbsp;</p> 
<p>It is important to note that in the weekly time frame, SOFI stock lost more than 7% and 9.22% of its trading price in the monthly time frame. Despite these short-term losses, the company’s stock price surged approximately 75.84% in a quarter and 80% YTD.</p> 
<p>According to TradingView, 868.06 Million SOFi shares are free-floating, and the remaining 82.054 Million shares are closely held by the company’s financial backers or the board of directors.</p> 
<h3 class="wp-block-heading" id="strong-sofi-technologies-inc-earnings-revenue-strong"><strong>SoFi Technologies, Inc. Earnings &amp; Revenue&nbsp;</strong></h3> 
<p>In Q1 2023 <a href="https://www.thecoinrepublic.com/2023/07/31/sofi-stock-will-sofi-stock-breakout-10-hurdle-after-earnings/" target="_blank" rel="noopener noreferrer nofollow">SoFi Technologies, Inc</a>. impressed investors by reporting 4.45% more revenue than estimated figures. Similarly, in Q2, the company was supposed to report $473.94 Million in revenue, but the reported figure was 3.14% higher than the estimated figure.</p> 
<p>Earnings per share grew approximately 37.71% in Q1 and 8.81% in Q2 2023. As per the estimates, the company is expected to report -$0.08 EPS and -$0.02 in the last two quarters of 2023.</p> 
<p>In the financial year 2022, SoFI Technologies, Inc. was expected to report $1.52 Billion in revenue, but the reported figure was $1.54 Billion.</p> 
<p>SoFi Tech is expected to report $2.01 Billion in revenue by the end of 2023.&nbsp;</p> 
<p>Revenue to a profit conversion of 2022 constitutes 51% of gross profit, 4% of earnings before interest, taxes, depreciation, and amortization (EBITDA), -4% of earnings before interest and taxes (EBIT), and -18% of net income.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels&nbsp;</strong></h4> 
<p><strong>Support Levels: </strong>$7.86 and $6.71</p> 
<p><strong>Resistance Levels:</strong> $9.45 and $10.17</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>In the August 15 trading session, SOFI stock lost more than 3% of its trading price; however, this sudden decline seems to be irrelevant, and after analyzing the candlestick patterns, it is noticed that there is a possibility that SOFI share price might face rejection from the coming support. Prices might take a U-turn and start trading profitability.</p> 
<h5 class="wp-block-heading"><strong>Disclaimer&nbsp;</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

SOFI Stock Fell 7% Weekly; Price is Chasing Resistance $9?

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 16, 2023

Borderless Capital Leads $6M Seed Funding Round for Microchain Startup Linera!

Nigeria's top energy firm NNPC taps mega loan to cushion Naira

Blockstream to raise $50m to expand ahead of next BTC halving

Silvergate Makes Leadership Changes Amid Liquidation Progress

FBI seized $1.7m of crypto in three months

$100M Pyramid Scheme Linked to Prominent Chinese Filecoin Project

Join our free newsletter for daily crypto updates!