What's Going On With SoFi Technologies Shares Rising

SoFi Technologies Inc (NASDAQ:SOFI) shares are trading higher by 6.97% to $6.60 Thursday afternoon, despite a lack of company-specific news from today's session. Strength may be due to a recent B of A Securities upgrade as well as student debt refinancing.

B of A Securities on Wednesday upgraded the stock from Neutral to Buy and raised its price target on the stock from $8 to $9.

What Else?

Shares of several banks and financial services companies otherwise fell sharply during Tuesday's session following greater-than-expected August CPI data, which could lead to further Fed rate hikes. The stock may be experiencing a rebound after falling Tuesday amid overall market weakness.  

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According to data from Benzinga Pro, SoFi Technologies has a 52-week high of $24.65 and a 52-week low of $4.82.