SOFI Rises on Brand-New Coverage

The stock's coverage is minimal but bullish

Assistant Editor
Jun 16, 2021 at 10:20 AM
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The shares of SoFi Technologies Inc (NASDAQ:SOFI) are up 5.5% to trade at $21.90 at last check. This positive price action comes after Rosenblatt Securities initiated coverage with a "buy" rating and price target of $30, noting that "challenger banks like SoFi command a powerful cost advantage" over traditional banks. The firm is joining scarce but bullish coverage on SOFI, with the one analyst already in coverage sporting a "strong buy." 

The stock, which began publicly trading just this past November, has been falling since the start of the month, after the $24 level kept a cap on gains for the second time since SOFI's Feb 1 all-time high of $28.26. Today's pop has SOFI on track to snap a three-day losing streak, and the security is up an impressive 74.% year-to-date. 

Meanwhile, calls have been popular in the options pits. This is per SoFi Technologies stock's 50-day call/put volume ratio of 5.41 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).

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