SoFi, Plug Power, and AST SpaceMobile Stocks Fall to 52-Week Lows

Oct 15, 04:26 AM UTCBearishMedium impact

SOFI$14.22 −6.69%PLUG$1.45 −7.05%ASTS$42.14 −10.46%

Shares of SoFi Technologies Inc. (SOFI), Plug Power Inc. (PLUG), and AST SpaceMobile, Inc. Class A (ASTS) all dropped to new 52-week lows on Wednesday. SoFi Technologies Inc. fell 6.69% to $14.22 after reaching an intraday low of $13.92. Plug Power Inc. dropped 7.05% to $1.45, extending its losing streak to eight straight sessions. Meanwhile, AST SpaceMobile, Inc. Class A tumbled 10.46% to close at $42.14, hitting a low of $42.00 during the session.

Wall Street firms reduced target prices across all three companies as operational and competitive challenges mounted. SoFi Technologies Inc. faced pressure from higher benchmark interest rates and banking sector weakness, prompting Goldman Sachs to trim its price target to $15 from $18 while keeping a Neutral rating. Plug Power Inc. suffered from persistent cash burn, using $61 million in net cash during the second quarter, which led analysts at Susquehanna and Morgan Stanley to lower their targets. For AST SpaceMobile, Inc. Class A, growing competition from SpaceX and delays in planned 2026 and 2027 satellite launches triggered a downgrade from Piper Sandler.

Investors will be watching upcoming quarterly earnings reports and operational updates. Plug Power Inc. is preparing to issue its third-quarter financial results, where cash preservation and spending rates will be closely scrutinized. Market participants are also keeping an eye on AST SpaceMobile, Inc. Class A as it navigates satellite launch timelines alongside potential competitive pressure from SpaceX in the satellite-to-phone services sector.

Key points

SoFi Technologies Inc., Plug Power Inc., and AST SpaceMobile, Inc. Class A all closed at 52-week lows on Wednesday after widespread price target cuts from analysts.
Goldman Sachs lowered its price target on SoFi Technologies Inc. to $15 from $18, citing macroeconomic headwinds and higher benchmark interest rates.
Plug Power Inc. stock fell for an eighth consecutive day as analysts cut targets over continued cash burn, including $61 million used in the second quarter.
Piper Sandler downgraded AST SpaceMobile, Inc. Class A to Neutral due to reduced confidence in satellite launch timelines and increased competition from SpaceX.

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Questions and answers

Why did SoFi stock hit a 52-week low?

SoFi Technologies Inc. stock dropped due to macroeconomic pressures, higher benchmark interest rates, and banking sector challenges, alongside a price target cut to $15 from Goldman Sachs.

Why is Plug Power stock declining?

Plug Power Inc. shares fell amid ongoing cash burn concerns, having used $61 million in net cash during the second quarter, and ahead of its third-quarter earnings report.

Why did AST SpaceMobile stock fall over 10%?

AST SpaceMobile, Inc. Class A tumbled due to growing competition from SpaceX and a rating downgrade from Piper Sandler citing uncertain satellite launch schedules.