Jim Cramer Wonders Whether SoFi (SOFI) Being Up Is Short Seller Covering

We recently published Jim Cramer Warned About Market Manipulation & Discussed These 22 Stocks. SoFi Technologies, Inc. (NASDAQ:SOFI) is one of the stocks discussed by Jim Cramer.

SoFi Technologies, Inc. (NASDAQ:SOFI) is a financial services provider. Its shares are up by 37% over the past year and are down by 33% year-to-date. Truist discussed the firm on May 12th. It reduced the share price target to $17 from $20 and kept a Hold rating on the shares. The financial firm explained that SoFi Technologies, Inc. (NASDAQ:SOFI)’s lower second quarter revenue estimates were behind the reasons for the revision. Earlier in the year, Wells Fargo had initiated coverage to set a $19 share price target and an Equal Weight rating on SoFi Technologies, Inc. (NASDAQ:SOFI)’s shares. While the bank admitted the firm’s leadership potential in the technology-driven financial services industry, it remained concerned about valuation. Cramer discussed the recent movement in SoFi Technologies, Inc. (NASDAQ:SOFI)’s shares:

“Yes and I was interested to see SoFi up because they are offering a stablecoin. I mean that’s just someone must be covering their short. That is not something that is going to blow away the numbers for Anthony Noto. And I’m a big believer in Noto but stock has not done anything.”

Jim Cramer Wonders Whether SoFi (SOFI) Being Up Is Short Seller Covering

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