What's Going On With SoFi Stock?

SoFi Technologies Inc SOFI shares closed 8.47% higher at $16.39 in the regular session on Wednesday.

What’s Moving? In the after-hours session, shares of the online personal finance company declined by almost 0.4%.

SoFi garnered high social media interest ahead of the company’s upcoming release of second-quarter numbers scheduled for August 12 after financial markets close for the day.

Since the year began, SoFi has rallied 31.75%.

Why Is It Moving? SoFi was among the most discussed names on r/WallStreetBets or WSB at press time. The Reddit forum is known for short squeezes.

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On Wednesday, Benzinga’s Tyler Bundy noted that SoFi’s stock could be subject to a short squeeze with 18% of shares being short.

The stock could find resistance near the 50-day moving average in the future, as per Bundy who also noted that the $15 price level has held as support multiple times and the stock is seeing resistance from lower high trendline on the chart.

On Tuesday, Television host Jim Cramer said he was a buyer of SoFi at its current price. He said, “Frankly, I don’t understand why this stock is where it is. I think [CEO] Anthony Noto is doing a terrific job. I think at $15, you buy the stock. I think you just go buy it,” reported CNBC.

See Also: Jim Cramer Says He Would Buy SoFi If It Dropped Another $1