SoFi Technologies (NASDAQ:SOFI) stock is on the rise Wednesday following new analyst coverage of the shares.
Jefferies analyst John Hecht initiated coverage of SOFI stock with a buy rating. That matches the current analyst consensus, which comes from four buy ratings and one hold rating.
To go along with the buy rating is a price target of $25 per share for SOFI stock. That’s slightly above the consensus price target of $24.90 per share. It also represents a potential 65% upside for the stock compared to its closing price on Tuesday.
So what’s behind the bullish rating for SOFI stock? Here’s what Hecht said in a letter obtained by TheStreet.com.
“An industry leader in the rapidly expanding neobank space, SoFi boasts an exhaustive consumer finance product suite, a robust digital platform, and omnichannel execution. We believe this highly synergistic business model, which encourages significant cross-sell activity, will propel user growth, margins, and profitability over the long term.”
SOFI stock is seeing heavy trading on today’s news. As a result, some 16 million shares of the stock have changed hands as of this writing. That’s quickly approaching the company’s daily average trading volume of about 20 million shares.
SoFi Technologies is a personal finance company based out of San Francisco. Its services include student loan refinancing, mortgages, personal loans, credit cards, investing, and banking via the company’s mobile app and website.
SOFI stock was up 7.3% as of Wednesday morning and is up 33.4% since the start of the year.
Of course, we’ve got more stock market news today traders will want to know about.
Our stock overage comes on a daily basis and there’s no slouching just because it’s hump day. A few stories to consider diving into include what to know as Toast (NYSE:TOST) starting trading today, this morning’s pre-market stock movers, as well as the latest on Vinco Ventures (NASDAQ:BBIG). You can learn all about these matters at the links below!
More Stock Market News for Wednesday
- TOST Stock IPO: 7 Things to Know as Toast Starts Trading Today
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- BBIG Stock: What Is the Latest News Vinco Ventures Fans Should Watch?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
