By Nate Wolf
SoFi Technologies stock surged Friday without any obvious cause. Sometimes, an inexplicable jump is even sweeter than one investors or the company saw coming, especially for a struggling stock.
Shares of the financial technology platform rose 7.9% on Friday, extending the stock's winning streak to four days. SoFi is up 17% over the short week, marking its second-best weekly performance this year.
SoFi announced the launch of SoFiUSD, its dollar-pegged stablecoin, on its consumer app Wednesday. The stock enjoyed a modest bump in Wednesday's session, but that announcement was the only major news for the company this week. Good old-fashioned momentum seemed to be the other factor at play.
Friday's spike started right at 7 a.m. Eastern Time with no news to speak of, followed by another leap right after 8 a.m. Whatever the cause, the buying was real: More than 17 million shares had changed hands Friday as of about 15 minutes before the opening bell.
SoFi could use the boost. After surging 468% from 2023 through 2025, the stock had lost its mojo this year, tumbling 35%.
Short seller Muddy Waters Research accused SoFi of understating debt and intentionally diluting shareholders in a March report -- claims SoFi called "factually inaccurate and misleading." The stock had already fallen for seven consecutive weeks to start the year, however, amid a broad technology sell-off that crushed fintech names.
If this week was any indication, some investors were biding their time before jumping back in. And it didn't take earnings or fresh guidance or even a momentous announcement to make that happen. All SoFi needed, it seems, was a little bit of momentum.
Write to Nate Wolf at nate.wolf@barrons.com
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(END) Dow Jones Newswires
May 29, 2026 10:45 ET (14:45 GMT)
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