Why SoFi Technologies Stock Is Surging Higher Today

SoFi Technologies Inc SOFI is surging higher Wednesday after Jefferies analyst John Hecht initiated coverage on the stock with a Buy rating and announced a price target of $25.

The analyst expects that SoFi Technologies' "flywheel' will continue to drive significant user growth, product adoption and margin expansion.

Hecht projects the company will generate 46% average revenue growth through 2025. 

Last week, Mizuho analyst Dan Dolev initiated coverage on SoFi Technologies with a Buy rating and announced a price target of $28. Dolev shared a similar sentiment to Hecht, stating that he sees a path to 40% revenue growth by 2025.

SoFi Technologies was Initially known for its student loan refinancing business, but the company has expanded its product offerings to include personal loans, credit cards, mortgages, investment accounts, banking services and financial planning.

SOFI Price Action: SoFi has traded as high as $24.95 and as low as $13.56 since its public debut on June 1.

The stock was up 10.40% at $16.74 at time of publication.