SoFi Technologies slides on $1.5 bln stock sale

Shares of online personal finance co SoFi Technologies SOFI.O down 4.2% to $21.46 early Weds after overnight follow-on priced

San Francisco-based SOFI late Tues announced ~71.9 mln shares at $20.85 for $1.5 bln gross raise

Offering priced at 6.9% discount to stock's last sale

SOFI plans to use net proceeds for general purposes, "including working capital and other business opportunities," per a statement

Goldman Sachs and Mizuho are underwriters for the offering

SOFI shares on Tues finished up 6.6% after it posted Q2 beat as fee-based rev grew 72% y/y, and co hiked its annual forecasts

Stephens analyst Melissa Roberts says capital raise qualifies for immediate adjustment in market indexes, and estimates aggregate passive demand for 2.7 mln SOFI shares after market close on Fri, Aug 1

With ~1.11 bln shares outstanding, SOFI has ~$24 bln market cap

Including move on the session, shares up ~39% YTD

Of 21 analysts covering SOFI, recommendation breakdown is 7 "strong buy" or "buy", 10 "hold" and 4 "sell" or "strong sell" and median PT is $18, per LSEG data