On September 3, SoFi Technologies Inc. rose 5.01% in regular trading, trading at $17.92 per share, with turnover of $539 million. The rally was driven by Scotiabank initiating coverage on September 2 with a Sector Outperform rating, boosting market sentiment.
This marks the second major investment bank to assign a positive rating in recent weeks. Piper Sandler previously initiated coverage in mid-August with an Overweight rating and a $22.00 price target, citing the company's digital-first platform as well-positioned to capture market share from traditional banks amid a high-interest-rate environment. Piper Sandler highlighted that SoFi's expanding product flywheel is operating effectively, particularly as consumers increasingly focus on debt management.
According to FactSet, the current analyst consensus rating for SoFi Technologies Inc. is Hold, with a mean price target of $20.05, implying notable upside from current levels. CEO Anthony Noto recently maintained full-year EPS guidance while raising the revenue outlook to $4.75–$4.85 billion, citing uncertainty around future Fed rate decisions. The company reported Q2 adjusted EPS of $0.12, beating the $0.11 consensus estimate, on revenue of $1.22 billion versus $1.11 billion expected.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments