Yahoo Finance Live breaks down the day's top trending tickers including: SoFi shares closed slightly lower after receiving downgrades from Piper Sandler and Bank of America, both citing valuation concerns. Virgin Galactic shares soared on its plans to launch its first commercial space flight. Tesla stock rises as Elon Musk said at a conference that the company's market cap is tied to whether or not it can solve autonomous driving.

Video Transcript

- Well, SoFi shares are making a move to the downside after several analysts issued downgrades on the stock. Bank of America and Piper Sandler downgraded the company to neutral. This coming after Oppenheimer also downgraded the stock, citing issues in valuation management and credit quality.

And Diane, this is just yet another one after the incredible run up that we saw in shares of SoFi, more than doubling over the last month. Seems like valuation, certainly one that we've heard over and over from analysts, although the case for upgrading the stock has been sort of the overhang from the student loan pause being removed.

- Exactly. Like the B of A note didn't seem bearish about where their status was on downgrading it to a neutral. They say, because of the move over the-- 100% move over the past month compared to a 7% increase in the S&Ps, so that's what-- it's more about the valuation there. And they believe that the federal student loan payment, moratorium, is priced into shares.

So it's, again, as you mentioned, this valuation play, they see the moratorium on student loans as accretive to SoFi, but that it's already baked into the numbers already. So that these kind of sky-high expectations that so far has been having is baked into the news. So you see this as sort of the buy the rumor, sell the news situation. Not that it was a rumor, we know this is happening. So you're seeing that get dinged today though.

On the flip side, though, Virgin Galactic shares flying higher, surging nearly 17% as the long wait for its first commercial passenger mission appears to be coming to an end. The space tourism venture announcing plans for the flight take off as soon as June 27.