Here's Why SoFi Shares Are Moving

SoFi Technologies Inc SOFI shares are trading lower by 2.45% to $6.77 Thursday morning, potentially amid profit-taking, following a surge in the stock amid a tentative debt limit agreement, which would reinstate student loan payments.

What's Going On?

Implemented in March 2020, the CARES Act served as a response to alleviate some of the financial repercussions resulting from the pandemic. One of its provisions included a temporary suspension of student loan repayments.

However, under the current debt ceiling deal, this pause is set to conclude, requiring borrowers to resume their repayments starting from August 29, 2023.

This week, CEO Anthony Noto flagged challenges individuals face, like surging education costs, stagnant wages, and unaffordable housing in pursuing the American Dream at a JPMorgan investor conference...Read More

According to data from Benzinga Pro, SOFI has a 52-week high of $8.52 and a 52-week low of $4.24.