SoFi Technologies Stock Hits 52-Week High: What's Driving The Momentum?

SoFi Technologies Inc. SOFI shares are trading higher Monday, hitting a new 52-week high of $19.29.

What To Know: SoFi shares are up approximately 33% over the past month on continued momentum that saw the stock climb to new 52-week highs on Monday.

Last month, SoFi's CFO Chris Lapointe reaffirmed the company's financial targets at the William Blair Growth Stock Conference, projecting adjusted net revenue to exceed $3 billion by 2025 and annual growth above 25% through 2026. The bullish targets appeared to help add to the momentum in the fintech stock.

SoFi also announced a new push into digital assets late last month. SoFi confirmed plans to introduce cryptocurrency trading later this year, including in assets like Bitcoin and Ethereum. The company said it also plans to offer new crypto-backed loans and cross-border payment tools and broaden its offerings to stablecoins. CEO Anthony Noto also emphasized that blockchain technology would be integrated across SoFi's entire suite of services.

Truist Securities initiated coverage in early June with a Hold rating and a $14 price target. Other recent analyst coverage includes a price target increase to $12 from Barclays and a price target hike to $15.50 from UBS. Sofi has a Street-high target of $20 and a consensus analyst target of $11.31, according to Benzinga analyst data.

SoFi also has short interest of approximately 13.6%, which may be helping fuel some of the recent rally in shares. The company scheduled its second-quarter earnings for July 29 last week. Analysts currently expect the company to report earnings of 6 cents per share and revenue of $801.49 million, according to Benzinga Pro.

SOFI Price Action: SoFi Technologies shares were up 2.95% at $19.12 at the time of publication Monday, according to Benzinga Pro.

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