Shares of SoFi Technologies (SOFI) are up 3% and trading at a 52-week high as U.S. markets soar on news of Donald Trump’s election win.
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At noon hour on November 6, SOFI stock was trading at $11.78 per share, a new high for the year. The big gain in the financial technology company’s stock price comes as U.S. equity markets surge on news that there is a decisive winner in the U.S. presidential election.
The technology-laden Nasdaq Composite index is up 2.32%, or more than 400 points, as it becomes clear that Trump has defeated his Democratic rival Kamala Harris and will return to the Oval Office. The blue-chip Dow Jones Industrial Average is up more than 1,300 points as of noon hour.
Tailwinds for SOFI Stock
SOFI stock has been trending higher in recent trading sessions. After briefly dropping following the company’s third-quarter financial results, the company’s share price has now risen 6% in the last five trading sessions.
SoFi Technologies reported Q3 results that topped Wall Street forecasts and raised its forward guidance, earning praise from several analysts for a strong print. The online lender, which specializes in mortgages, student loans and credit cards, is expected to get a further tailwind as interest rates in the U.S. decline.
The U.S. Federal Reserve delivered a 50-basis point interest rate cut in September of this year and is expected to further reduce interest rates by 25-basis points at the conclusion of its latest policy meeting on November 7.
Is SOFI Stock a Buy?
The stock of SoFi Technologies has a consensus Hold rating among 13 Wall Street analysts. That rating is based on four Buy, six Hold, and three Sell recommendations issued in the last three months. The average SOFI price target of $8.63 implies 25.95% downside risk from current levels.
