SoFi Technologies Stock Is Surging: What's Going On?

SoFi Technologies Inc SOFI shares are trading higher on above-average volume Monday following positive analyst coverage from Truist Securities.

What Happened: Truist Securities analyst Andrew Jeffrey maintained SoFi with a Buy rating and raised the price target from $8 to $11.

Multiple analyst firms have raised price targets on SoFi since the start of the month including Wedbush, Oppenheimer and Keefe, Bruyette & Woods, but Truist has the highest price target of the bunch.

SoFi has an average session volume of approximately 43 million. Monday's trading volume has already exceeded 71 million at publication time.

SoFi also has short interest of 8.04%, according to Benzinga Pro, which could be helping fuel the recent rally in the stock. SoFi shares are up more than 85% over the last month.

See Also: Palantir Stock Continues To Rise: What's Going On?

SOFI Price Action: SoFi shares were up 10.3% at $9.02 at the time of writing, per Benzinga Pro.

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