The fintech industry has struggled of late
Fintech stocks have struggled of late, with nCino’s (NCNO) dismal fiscal third-quarter forecast only adding pressure today. The industry’s sensitivity to artificial intelligence (AI) and Big Tech developments, combined with Nivida’s (NVDA) incoming quarterly report, makes now an excellent time to check in with three key sector players.
Affirm Holdings Inc (NASDAQ:AFRM) stock is down 6.1% at $30.52 at last glance, and carries a 37.4% year-to-date deficit. After facing rejection at $34 in June and July, the equity once again fell short of this level yesterday, and is currently on track to snap its five-day win streak.
Last seen down 4.3% to trade at $7.44, SoFi Technologies Inc (NASDAQ:SOFI) stock is facing long-term resistance at the $8 region. Shares bounced off their Aug. 5, 52-week low of $6.79 and cleared the 20-day moving average, but carry a 24.6% deficit in 2024 on their way to a third-straight daily loss.
Shares of Block Inc (NYSE:SQ) were down 4% at $63.99 at last glance, testing support at their 40-day moving average. The stock’s rally of this year’s low of $55 on Aug. 5 fell short of the $68 region. SQ is down 17.3% so far this year, and eyeing its first daily loss in the last four sessions.