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

While we acknowledge the risk and potential of SOFI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SOFI and that has 10,000% upside potential, check out our report about the cheapest AI stock.

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