SoFi Technologies Stock Hits A New 52-Week High: What's Going On?

SoFi Technologies Inc SOFI shares hit a new 52-week high on Monday, capping a period of significant gains in June despite a quiet session for company-specific news. Here’s what investors need to know.

What To Know: The fintech company's shares have been on an upward tear in June, fueled by recent strategic announcements and bullish growth forecasts.

Last week, SoFi revealed its renewed push into the cryptocurrency space, announcing plans to allow members to trade digital assets like Bitcoin BTC/USD and Ethereum ETH/USD later this year. The initiative will also include offerings such as crypto-backed loans and international money transfers.

CEO Anthony Noto emphasized that blockchain innovations would be integrated across all of SoFi's business lines, from investing and borrowing to daily payments.

This latest move builds on the strong momentum from earlier in June when executives reaffirmed aggressive growth projections. At the William Blair Growth Stock Conference, CFO Chris Lapointe projected adjusted net revenue to exceed $3 billion by 2025, with annual growth surpassing 25% through 2026.

Analyst Ratings: Analysts have offered a mixed but generally constructive view on SoFi’s stock in recent months. On June 2nd, Truist Securities initiated coverage with a Hold rating and a $14 price target.

This followed a series of updates on April 30th, where Barclays maintained its Equal-Weight rating while raising its price target from $11 to $12. On the same day, UBS held its Neutral rating but increased its price target to a range of $14 to $15.50. Meanwhile, Needham reiterated its Buy rating with a steady $20 price target, suggesting significant upside.

Price Action: According to data from Benzinga Pro, SOFI shares are trading higher by 8.6% to $18.66 Monday morning. The stock has a 52-week high of $18.92 and a 52-week low of $6.01.

How To Buy SOFI Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in SoFi Technologies’ case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Image: Shutterstock