Call Traders Target Fintech Name After Switch to Profits

So far today, 450,000 calls have already exchanged hands

Digital Content Manager
Jan 29, 2024 at 10:56 AM
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SoFi Technologies Inc (NASDAQ:SOFI) reported fourth-quarter earnings of 2 cents per share earlier -- swinging to a profit compared to the same time last year -- and a revenue jump of 35% to $615.40 million. The fintech name attributed the results to outperformance in its non-lending segments, with total deposits rising 19% to $18.60 billion for the quarter. In response, SOFI is up 20.3% to trade at $9.17.

The options pits are exploding with activity, with 450,000 calls and 151,000 puts exchanged so far, or 11 times the volume that is typically seen at this point. Most popular is the weekly 2/2 9-strike call, where new positions are being opened.

Analysts are yet to chime in, but several could step from the sidelines to push SOFI higher still. In fact, 25 of the 39 firms in coverage still rate the equity a tepid "hold" or worse, while the 12-month consensus target price of $74.69 is an 8.6% discount to current levels. This means upgrades and/or price-target hikes could be in store.

Shares are trading at their highest level since January, but are yet to close their December bear gap from a multi-month peak that fell just shy of $10.50. The security boasts a 64.1% year-over-year lead, however, and is on track for its best single-day percentage gain since August 2022.


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