What's Going On With SoFi Technologies Stock?

SoFi Technologies, Inc. SOFI shares are trading higher Thursday. Inflation data came in cooler-than-expected and fueled investors' hopes for interest rate cuts in the near-term. 

The Details:

The Consumer Price Index marked its lowest print since May 2020 with headline CPI inflation slowing from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis. The 3% figure came in below the 3.1% expected among economists. 

SoFi CEO Anthony Noto explained how rate cuts could benefit the company in a 2023 earnings call. 

"We’re really excited that when rates start to decline and other banks can’t maintain the level of APY that we can, how competitive we can be versus them," Noto said. 

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SoFi set to report its second-quarter financial results before the opening bell on July 30. According to estimates from Benzinga Pro, analysts expect the company to report earnings of 1 cent per share and quarterly revenue of $580.648 million. 

On Tuesday, Keefe, Bruyette & Woods analyst Timothy Switzer maintained SoFi with a Market Perform rating, but lowered the price target from $7.50 to $7 heading into earnings. 

According to data from Benzinga Pro, SoFi shares are trading in-line with the stock’s 50-day moving average of $6.82 and 18.66% of available shares are being sold short. 

Will SOFI Stock Go Up?

When trying to assess whether or not SoFi Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $8.17 on SoFi. The Street high target is currently at $11 and the Street low target is $3. Of all the analysts covering SoFi, 2 have positive ratings, 3 have neutral ratings and one has a negative rating.

In the last month, 3 analysts have adjusted price targets. Here's a look at recent price target changes.

Stocks don't move in a straight line. SoFi is down 29% year-to-date. The average analyst price target suggests the stock could be in for a rebound.

For a broad overview of everything you need to know about SoFi, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

SOFI Price Action: According to Benzinga Pro, SoFi Technologies shares are up 3.81% at $6.82 at the time of publication Thursday.

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