Can Justin Herbert Help SOFI Stock Score a Touchdown?

  • SoFi Technologies (SOFI) stock is moving after the company signed a contract with NFL star Justin Herbert.
  • The Los Angeles Chargers quarterback will now show up in SoFi’s new ad campaign.
  • The deal could benefit SOFI stock as the company widens its reach to customers.
SoFi headquarters. SOFI stock.

Source: Michael Vi / Shutterstock

SoFi Technologies (NASDAQ:SOFI) stock is on the move Wednesday as investors react to a multi-year contract with NFL player Justin Herbert.

According to a press release from SoFi Technologies, the Los Angeles Chargers quarterback will appear in a new brand campaign. That includes a television commercial as well as other advertisements.

SoFi’s decision to partner with Herbert follows the company’s successful “Break Up With Bad Banking” campaign during Super Bowl LVI. The company notes that the new partnership grants Herbert an equity stake in SOFI stock.

SOFI Could Benefit From Celebrity Endorsement

NFL quarterback Justin Herbert said the following about the deal in a news release:

“Given our shared values and the fact that I am already a SoFi member, I’m thrilled to partner with SoFi in an official capacity to help guide myself and others to financial success […] In order to set myself up for success – both on and off the field – it’s critical to build and maintain great relationships, especially when it comes to my finances.”

SoFi Technologies is likely hoping this new partnership will allow it to reach more customers. That’s typically why companies bring in celebrities to help advertise their products.

SOFI stock is up 1.3% as of Wednesday morning but still down more than 63% since the start of the year.

Investors looking for more of the hottest stock market news today are in luck!

InvestorPlace is home to all of the biggest stock market stories traders need to know about for Wednesday! Among that is what has shares of Figs (NYSE:FIGS), Spero Therapeutics (NASDAQ:SPRO) and software stocks in the news today. You can read up on all of that at the following links!

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On the date of publication, William White did not hold (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.


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