SoFi stock tumbled late Tuesday after the company announced a public offering of $1.5 billion of its common stock. The shares continued falling Wednesday, down more than 7% premarket.
The stock retreat followed a rally after the fintech posted upbeat results that beat Wall Street estimates. SoFi also raised its 2025 revenue outlook.
Goldman Sachs will act as underwriter of the offering which involves the purchase of an additional 15% of shares of common stock, SoFi said in a statement.
SoFi stock shed more than 6% to 21.05 in after-hours trading. The shares rallied 6.6% to close at 22.40 in regular hours trading Tuesday. The stock was last down nearly 8% at 20.68 in premarket trades on Wednesday.
The shares have gained roughly 45% year to date. SoFi has a Relative Strength rating of 97, according to IBD MarketSurge.
