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%.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
