Shares of SoFi Technologies, Inc. (NASDAQ: SOFI) were rising 4.48% in pre-market trading on Tuesday. The surge came in response to positive analyst coverage from Truist Securities.
On Monday, Truist Securities analyst Andrew Jeffrey, who has been closely monitoring SoFi, maintained a Buy rating on the stock and increased the price target from $8 to $11.
This optimistic outlook follows the upward adjustments made by other analyst firms this month, including Wedbush, Oppenheimer, and Keefe, Bruyette & Woods. However, Truist Securities stands out with the highest price target among them.
On Monday, SOFI stock witnessed a remarkable surge of 11.98%, closing at $9.16. The stock opened slightly higher than the previous day’s closing price and fluctuated between $8.40 and $9.30 throughout the trading day. Notably, the trading volume reached an impressive 117.53 million, surpassing the average volume of 43.90 million over the past three months. Currently, SoFi boasts a market capitalization of $8.56 billion.
In addition, SoFi also has a short interest of 8.04%, according to Benzinga Pro, which may have contributed to the recent rally in the stock. Over the past month, SoFi shares have soared by more than 85%.