SoFi Stock Surges After Q3 Beat Draws Bull Note

Jefferies lifted its price target to $26

Digital Content Manager
Nov 11, 2021 at 9:23 AM
facebook twitter linkedin


SoFi Technologies Inc (NASDAQ:SOFI) is surging after the fintech company's impressive third-quarter earnings report. SoFi posted losses of 5 cents per share, which beat analysts' estimates of 9 cents, while the company's revenue of $270.01 million also topped expectations, rising 35% from last year. The firm also lifted its full-year revenue forecast.

SOFI is up 16.2% at $23.73 last check, and is looking to open at its highest level in nearly half a year. The security was plummeting ahead of today's trading, though support at the 30-day moving average kept most of these gains in check. Year-to-date, SOFI is up more than 64%. 

In response, Jefferies, lifted its price target to $26 from $24, noting that "lending drove the beat," and adding that the company's new customer growth was the company's second best on record. This bull note is especially impressive considering the incredibly bullish sentiment among the brokerage bunch. All five in coverage call SOFI a "strong buy," and the 12-month consensus price target of $25.58 is a 7.1% premium to last night's close. 

An unwinding of short interest could put some wind in the stock's sails. Short interest almost doubled in the last two reporting periods, shooting up 88.9%. The 46.27 million shares sold short make up 8.5% of the stock's available float, and it would take nearly two days to cover these pessimistic positions at SOFI's average daily pace of trading. 

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 

300x250 - Banner 3 - v1