SoFi short report ‘raises some new questions,’ says Keefe Bruyette

Keefe Bruyette analyst Tim Switzer says the short report by Muddy Waters took a thorough look at SoFi Technologies (SOFI)’ accounting, tying together some previously unknown information from uniform commercial code filings and bills of sale with the company’s’ regular investor disclosures. Keefe believes most of the Street is already aware of these issues. This means the stock reaction going forward is likely more dependent on retail investors, who are “less aware of the intricacies of SOFI’s accounting/business model,” the analyst tells investors in a research note. Keefe thinks the short report “raises some new questions.” It keeps an Underperform rating on SoFi with a $20 price target The stock closed Tuesday down 1% to $17.37.