What's Going On With SoFi Stock?

SoFi Technologies, Inc. (NASDAQ:SOFI) shares are trading higher on Tuesday and the stock is up more than 20% over the past month. Here's a look at what's going on.

What To Know: SoFi shares have gained more than 20% over the past month amid a slew of positive economic data and the Federal Reserve's 50 point interest rate cut. Strong jobs data and low unemployment suggest a strong economic environment which could draw more borrowers to SoFi's offerings which include mortgages, credit cards, personal loans and investment accounts.

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What Else: Last week, SoFi and PrimaryBid Technologies, Inc. launched DSP2.0 to offer equity program management, IPO and follow-on offering processes for companies looking to raise capital in the U.S.

"SoFi now offers companies going public a turnkey, 100% digital way to offer IPO shares to employees and other people who helped build their business, and whomever else they want to direct the shares to, whether it's to 10 or 10,000 people,” said Anthony Noto, CEO of SoFi.

SOFI Q3: SoFi is set to report its third-quarter financial results on Oct. 29 before the opening bell. According to estimates from Benzinga Pro, analysts expect the company to report earnings of 4 cents per share and quarterly revenue of $629.217 million. SoFi Technologies has consistently met or beat analyst expectations in each quarterly report since 2021. 

Will SOFI Stock Go Up?

When trying to assess whether or not SoFi Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $10 on SoFi Techs. Of all the analysts covering SoFi Techs, 2 have positive ratings, no one has neutral ratings and no one has negative ratings.

In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering SoFi Techs have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. SoFi Techs is 11.24% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about SoFi Techs, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

SOFI Price Action: According to Benzinga Pro, SoFi Technologies shares are up 2.02% at $8.43 at the time of publication Tuesday.

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