The company also raised its annual outlook and predicted near-term profitability
Personal finance name SoFi Technologies Inc (NASDAQ:SOFI) earlier reported better-than expected second-quarter revenue, raised its annual outlook, and said it expects to be profitable in the fiscal fourth quarter. At last check, SOFI is up 20.6% to trade at $11.52.
Options traders are ecstatic regarding the results, with 711,000 calls and 335,000 puts across the tape so far -- five times the volume that is typically seen at this point. The weekly 8/4 12-strike call is the most popular contract, with new positions opening there.
Shares earlier hit a fresh one-year high of $11.70, after bouncing off support from their 20-day trendline. Today the security is eyeing its biggest single-day percentage gain since August, building upon its impressive 149% year-to-date lead.
The equity looks ripe for a round of upgrades and/or price-target hikes, with 11 of 15 analysts in coverage carrying a "hold" or worse rating, while the 12-month consensus target price of $8.50 is a 26.1% discount to current levels. Additionally, short interest accounts for 14.7% of SOFI's available float.
