One of the top stocks in focus today is SoFi Technologies (NASDAQ:SOFI). At the time of writing, SOFI stock has dipped roughly 3%, as the broader Nasdaq exchange sees significant selling pressure today.
Aside from some Federal Reserve commentary that interest rates may be headed higher than expected in the near term, some company-specific catalysts are driving the tape today. SoFi announced yesterday that it will have its conference call to discuss its Q1 results on May 1 at 8:00 a.m. Eastern. This call will coincide with the release of its earnings report on its website, for interested investors.
With earnings season now underway, investors have plenty to price into stocks like SoFi. Investors appear to remain particularly interested in what SoFi will have to say, considering its acquisition announcement made earlier this week.
Let’s dive into what investors should be on watch for, as we gear up for SoFi’s earnings.
SOFI Stock Dips Ahead of Earnings
Today’s move in SOFI stock has been a continuation of a downward trend we’ve seen over the past few trading sessions. Indeed, it appears many investors are looking to reposition their portfolios ahead of earnings season. While we don’t know what’s in store for SoFi, we can expect a few things from this upcoming May 1 release.
Investors will be watching closely for any commentary around its Wyndham Capital Mortgage acquisition during the call. Notably, this acquisition will likely not be material to the company’s results. However, the extent to which this deal is accretive to investors will be something to watch.
Additionally, the macro environment for SoFi remains in flux. With President Joe Biden’s student loan forgiveness program still in the courts, there’s the potential for a headwind to be taken away from the lender. That said, as we’ve seen in the past, there’s also the potential for an extension of the payments pause, which has been in place for roughly three years. We’ll have to see how things develop on this front moving forward.
For now, investors have a date to plug into their calendar with respect to SOFI stock. For those looking to trade this stock around its earnings, May 1 is a date to pencil into the calendar.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
