SoFi Stock Price Is Breaking Out, New Short-Term Target
After a fifth-consecutive winning session for SoFi Technologies, we're changing our price target with an investment plan ahead.
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Another Sarge favorite, SoFi Technologies SOFI was up 5.16% on Monday. This was the fifth-consecutive winning session for CEO Anthony Noto's internet bank within a fintech company.
Earnings are due in late July 2024 (about two weeks out). It sure does seem like something sweet is going on and maybe that something sweet is technical in nature.
Readers will see that SOFI had been mired in a falling wedge pattern since the start of the year. A falling wedge pattern, for those who do not know, is considered to be a pattern of bullish reversal. That reversal looks to have potentially started last week and this week as the shares have violently broken out of that six-month pattern.
My short-term target now becomes $8.75 (this is a long-term investment for me) with an add down to the 21-day EMA. Should that level break, too? I'll buy more if Noto is buying more and he has never disappointed.
My Favorite Downgraded
On Tuesday morning, five-star rated (by TipRanks) analyst Gregg Moskowitz downgraded Palantir Technologies PLTR from "neutral" to "underperform," which in English is from a "hold" to a "sell."
However, Mizuho Financial Group increased his target price from $21 to $22. Moskowitz commented: "While Palantir has performed generally well in recent quarters, we remain concerned by the lack of visibility into its business. Some of the beats have been lower quality, and we have limited confidence in the company's ability to deliver consistently strong results."
Fortunately for Palantir shareholders, Moskowitz, who is a good analyst, has a poor track record concerning Palantir. He had a "neutral" on the name since earlier this year and a $21 target price since May when the stock was trading close to that price. He may be right, none of us have a crystal ball. If he is, I will be waiting with open arms at the $22 level. I see no reason to change my $32 target price. I don't like to brag (OK, maybe I do), but I probably have the best track record in this name on Wall Street, especially since most of the others do not have skin in the game.
At the time of publication, Guilfoyle was long SOFI and PLTR equity.
