SoFi Technologies, Inc. (SOFI) kicked off the week on a strong note, with its shares experiencing a notable rise. The surge in SoFi’s stock price is fueled by a combination of factors, primarily bullish sentiment reflected in recent options trading activity.
Market observers have noticed a significant number of bullish options trades, with a majority (62%) indicating that traders anticipate the stock price to rise in the near future. These trades encompass both put and call options, with a focus on the price range between $5 and $15.
Adding further momentum to SoFi’s upward trajectory is the recent investment from Soros Fund Management, the investment firm led by billionaire George Soros. During the second quarter of 2024, Soros Fund Management added 300,000 shares of SoFi to its portfolio, signaling confidence in the company’s future prospects.
Founded in 2011 as a student loan refinancing platform, SoFi has evolved into a comprehensive financial services provider, offering a diverse range of products and services. Its acquisition of Galileo in 2020 further expanded its capabilities, allowing SoFi to provide payment and account services for debit cards and digital banking.
As of today, SoFi shares are up by 5.57%, trading at $7.38. This positive momentum reflects the growing confidence in SoFi’s ability to navigate the evolving financial landscape and capitalize on its expanded service offerings.
