What's wrong with SoFi stock? – SoFi Techs (NASDAQ:SOFI)

SoFi Technologies, Inc. SOFI Shares are trading higher on Tuesday and the stock is up more than 20% in the last month. Here's a look at what's going on.

What you should know: SoFi shares have gained more than 20% in the past month on a slew of positive economic data and the Federal Reserve's 50 percentage point interest rate cut. Strong employment data and low unemployment suggest a strong economic environment that could attract more borrowers to SoFi's offerings, which include mortgages, credit cards, personal loans and investment accounts.

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What else: Last week, SoFi and PrimaryBid Technologies, Inc. has launched DSP2.0 to provide companies looking to raise capital in the US with processes to manage equity programs, initial public offerings and follow-on offerings

“SoFi now offers companies going public a turnkey, 100% digital way to offer IPO shares to employees and others who helped build their company, and to whomever they want to pass the shares on, be it to 10 or 10,000 people,” said Anthony NotoCEO of SoFi.

SOFI Q3: SoFi is scheduled to report its third-quarter financial results on October 29 before the opening bell. According to Benzinga Pro estimates, analysts expect the company to report earnings of 4 cents per share and quarterly revenue of $629.217 million. SoFi Technologies has consistently met or exceeded analyst expectations in every quarterly report since 2021.

Will SOFI Stock Rise?

If you want to gauge whether SoFi Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target for SoFi Techs of $10. Of all the analysts covering SoFi Techs, two have positive ratings, none have neutral ratings, and none have negative ratings.

No analysts have adjusted their price targets in the last month. Here's a look at the recent price target changes (analyst ratings). Benzinga also tracks Wall Street's most closely followed analysts. Check out how analysts covering SoFi Techs have performed in recent history.

Stocks don't move in a straight line. The average stock market return is around 10% per year. SoFi Techs is down 11.24% year-to-date. Analysts' average price target suggests the stock could rise even further.

For a comprehensive overview of everything you need to know about SoFi Techs, click here. If you want to go beyond that, there's no better tool to help you than Benzinga Pro. Start your free trial today.

SOFI price promotion: According to Benzinga Pro, shares of SoFi Technologies were up 2.02% at $8.43 at the time of publication on Tuesday.

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