SoFi Technologies Inc. (SOFI) stock is soaring 5.01% in pre-market trading on Monday, following news that prominent investor Cathie Wood's ARK Invest has significantly increased its position in the company. This move by the influential fund manager appears to have sparked renewed interest in the fintech firm.
ARK Invest, known for its focus on disruptive innovation, made the purchase on Friday, June 27, as part of a series of interesting trade moves. The decision to load up on SOFI stock suggests that Wood and her team see potential in SoFi's business model and growth prospects, despite recent market volatility in the tech and fintech sectors.
This vote of confidence from a high-profile investor like Cathie Wood could be driving the current surge in SoFi's stock price. Investors often closely watch ARK Invest's moves, and their increased stake in SOFI may be encouraging others to follow suit. As the market opens, it will be interesting to see if this pre-market momentum carries through the trading day and whether it marks the beginning of a longer-term uptrend for SoFi Technologies.