What's Going On With SoFi Technologies Stock?

SoFi Technologies, Inc. SOFI shares are trading higher Friday and trending on social media. Here's a look at what's going on. 

What To Know: SoFi expanded its offerings this week with the launch of two new credit cards on Wednesday, the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card. 

SoFi said its Everyday Cash Rewards card is designed for those who prioritize earning rewards and offers 3% cash back on dining, 2% cash back on grocery store purchases and 1% cash back on all other eligible purchases. The SoFi Essential card is designed for those building or improving their credit scores and offers no annual or over-limit fees. 

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What Else: SoFi shares have gained more than 20% over the past month amid a slew of positive economic data. The Federal Reserve also cut interest rates by 50 points which could draw more borrowers to SoFi’s mortgages, credit cards, personal loans and investment accounts.

The company is set to report its third-quarter financial results on Oct. 29 before the opening bell. Analysts expect the company to report earnings of 4 cents per share and quarterly revenue of $629.217 million, according to estimates from Benzinga Pro. 

Should I Sell My SOFI Stock?

Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.

Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.

Shares of SoFi Technologies have gained 8.75% year to date. This compares to the average annual return of -22.29%, meaning the stock has outperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. SoFi stock currently has an RSI of 78.65, indicating overbought conditions.

For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.

SOFI Price Action: According to Benzinga Pro, SoFi Technology shares are up 3.51% at $8.93 at the time of publication Friday.

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