SoFi Technologies has seen a surge in weekly options volume
There's been some buzz surrounding
SoFi Technologies Inc (NASDAQ:SOFI). Between the company's fourth-quarter earnings beat last week and news of a
billion-dollar acquisition late last month, the personal finance company has kept investors busy. So busy, in fact, that the equity just turned up on Schaeffer's Senior Quantitative Analyst Rocky White's list of names that have attracted the most weekly options volume in the last two weeks.
To be more specific, During this time period, 2,422,812 calls and 1,154,713 puts have been exchanged. The most popular contract during this time was the weekly 3/4 12-strike call, followed by the 13-strike call in the same series with 258,270 contracts exchanged between the two.
The stock has also caught the attention of one analyst, with Piper Sandler initiating coverage with a "neutral" rating and a $12 price target today. The analyst joins an already optimistic brokerage bunch. Coming into today, seven of the nine in coverage considered SOFI a "strong buy," while the 12-month consensus price target of $17.29 is a 74.5% premium to current levels.
Short sellers, meanwhile, have been piling on the security. Short interest rose 42% in the last two reporting periods, and the 101.25 million shares sold short make up 18.3% of the stock's available float.
SOFI was last seen down 0.8% at $9.92, pacing for its third-straight loss. The equity is down 44% in the past year and down 13.6% in March alone. The stock's 50-day moving average has added to its woes, stopping out two rally attempts already this year.
