SoFi's $2 Billion Leap: Golden Cross Sparks A Bullish Boom

SoFi Technologies Inc SOFI is lighting up the trading floor, with a striking 9% leap to $9.80 by 11 AM ET on Oct. 14.

The surge follows the company's $2 billion loan agreement with Fortress Investment Group to ramp up its loan platform business.

With shares already up 2.23% year-to-date and a dazzling 19.58% over the past year, SoFi is in the spotlight. Driven by positive news and economic sentiment, SoFi stock has made a Golden Cross.

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Strategic Expansion Through Fortress Partnership

"SoFi's loan platform business is crucial to our strategy," said CEO Anthony Noto. "This partnership not only expands our capabilities but also diversifies our revenue streams."

With Fortress in its corner, SoFi is set to enhance its loan offerings and strengthen its foothold in the competitive fintech landscape.

New Credit Cards, Positive Economic Indicators

But the excitement doesn't stop there. This week, SoFi rolled out two new credit cards: the SoFi Everyday Cash Rewards Credit Card, offering 3% cash back on dining, and the SoFi Essential Credit Card, designed for those building their credit with no annual fees.

This expansion in financial products comes at an opportune time, as positive economic indicators and a recent 50 basis point rate cut by the Federal Reserve could attract more borrowers to SoFi's range of offerings.

Read Also: 4 Stocks Set to Benefit from Recent Interest Rate Cuts

Upcoming Earnings Report Adds To Buzz

SoFi is also gearing up for its third quarter earnings report on Oct. 29, with analysts estimating earnings of 4 cents per share and quarterly revenue of $629.2 million. The anticipation builds as the market buzzes about SoFi's prospects.

Strong Technical Indicators Signal Bullish Trend

On the technical front, SoFi’s recent Golden Cross—a bullish signal indicating that the short-term moving average has crossed above the long-term moving average—has traders buzzing. The stock is currently trading above its five, 20 and 50-day exponential moving averages, showcasing strong buying pressure.

Chart created using Benzinga Pro

With a share price of $9.01 surpassing its eight-day simple moving average of $8.36, 20-day SMA of $8.11, 50-day SMA of $7.53, and 200-day SMA of $7.49, the indicators align for continued upward momentum.

As SoFi innovates and expands its product offerings, the combination of a favorable market backdrop and solid technical signals may pave the way for more gains ahead. Investors are keenly watching this fintech gem as it positions itself for success.

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