A 91% rise in personal loan originations boosted results
SoFi Technologies Inc (NASDAQ:SOFI) stock is surging ahead of Wall Street’s open, last seen up 12% to trade at $7.18 following the release of the company’s second-quarter financial results. Specifically, the fintech concern posted better-than-expected earnings and revenue, and issued a sunny full-year revenue guidance, with results boosted by a 91% year-on-year pop in personal loan originations.
A few analysts were quick to weigh in with price-target hikes following the results, with Credit Suisse and Mizuho raising their price objectives to $8.50 and $8, respectively. Coming into today, seven brokerages rated the equity “strong buy,” while four said “hold.”
Short sellers, meanwhile, have targeted the stock at a quickened clip, rising 6.5% in the most recent reporting period. These bears are firmly in control, with short interest making up 21.1% of the stock’s available float.
Options traders, meanwhile, have favored bearish bets, per SoFi Technologies stock’s Schaeffer’s put/call open interest ratio (SOIR) of 0.66, which ranks in the elevated 83rd percentile of annual readings. This indicates a clear put-bias amongst short-term options traders, despite calls outnumbering on an absolute basis.
On the charts, SOFI has taken a 59.5% haircut in 2022, but today’s gains, should they hold, would put the equity on track to close above $7 for the first time since July 21. The shares also have a chance to move above the 100-day moving average, which has weighed on SoFi Technology stock since early December 2021.
Image and article originally from www.schaeffersresearch.com. Read the original article here.