SOFI

SoFi faced a price target reduction from Bank of America, which lowered its target to $20.50, indicating a cautious outlook and maintaining an 'Underperform' rating due to perceived valuation concerns. This sentiment could have contributed to the stock's decline. Additionally, concerns over regulatory scrutiny and challenges in its student loan business may have also impacted investor confidence.

The broader fintech sector experienced a selloff, which likely affected SoFi's stock price. Such sector-wide declines can lead to a negative perception of individual companies within the sector, causing their stocks to drop even if the downward pressure is not directly related to company-specific news.