SOFI Rises on Brand-New Coverage

The stock's coverage is minimal but bullish

Deputy Editor
Jun 16, 2021 at 10:20 AM
facebook twitter linkedin


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).

 

 

 

These investors are using the market's volatility to their advantage and scoring triple-digit gains on many of their trades.

Even in today's sideways bear market, this trading strategy has continued to provide consistency and profitability to a small group of investors. By using this approach, these traders are removing directional risk and still hitting triple-digit returns. If you want access to this strategy, and lower risk with higher returns sounds good to you, then don't wait another minute.

Join us now to receive our next trades the moment they come out!

 

Common mistakes options traders make
 


 


 
Special Offers from Schaeffer's Trading Partners