Shares of SoFi Stock Soar After Piper Sandler Upgrade

Piper Sandler also cut its price target by $2

Digital Content Manager
May 16, 2022 at 10:21 AM
facebook X logo linkedin


The shares of SoFi Technologies Inc (NASDAQ:SOFI) were last seen up 4% at $7.02 after the fintech company received an upgrade from Piper Sandler to "overweight" from "neutral," though the firm also came in with a price-target cut to $10 from $12. Piper Sandler said sped up deposit growth could help the equity, adding the approaching end to the student loan moratorium and a jump in financial services revenue could also create tailwinds. 

Piper Sandler joins a pretty optimistic brokerage bunch. Heading into today, seven of the 11 in coverage called SOFI a "strong buy," without a single "sell" to be seen. Plus, the 12-month consensus price target of $11.27 is a 57.2% premium to Friday's close. 

SOFI is coming off its second-straight week of gains, and has already added 10.3% in May. However, it's still at a 57.3% deficit for the year, as it attempts to distance itself from its May 10 record low of $4.82. On the other hand, today's pop could help the stock find its footing at the 30-day moving average -- a trendline its struggled with since November 2021. 

In response to the bull note, SoFi Technologies stock's options pits are bustling with activity. So far, 55,000 calls and 22,000 puts have been exchanged, which is double the intraday average. The most popular contract is the May 7.50 put, followed by the 8 call in the same monthly series, with positions being bought to open at both. 

The stock is heavily shorted right now, with short interest rising 11.5% in the last two reporting periods to make up 21.7% of the stock's available float, or two-and-a-half days' worth of pent-up buying power. Should some of these shorts start to jump ship, a short squeeze could add additional support on the charts. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI