SoFi Technologies (SOFI) is making efforts to expand its customer base with new product launches and sustained growth in personal loans, banking, and investment services. The company’s ability to attract younger users and its strategic moves, such as acquiring a banking charter, reflect its growth potential. Also, focus on digital innovation keeps SoFi set for long-term success in the fintech market. Further, SOFI stock is a Buy, on a one-month timeframe, which implies further upside.
SoFi offers loans, investments, and digital banking in a tech-friendly way.
Analyzing SOFI Stock’s Technical Indicators
According to TipRanks’ easy-to-understand technical analysis tool, SOFI stock is currently on an upward trend. The stock’s 50-day Exponential Moving Average (EMA) is 10.63, while its price is $10.69, implying a bullish signal. Further, its shorter duration EMA (20 days) also signals a Buy.
Moreover, the Rate of Change (ROC) is a momentum-based technical indicator. It measures the percentage change in a stock’s price between the current price and the price from a specific number of periods ago. Typically, a ROC above zero confirms an uptrend. SOFI stock currently has an ROC of 25.18, which signals a Buy.
Another technical indicator, Williams %R, helps traders see if a stock is overbought or oversold. For SoFi, Williams %R currently shows a Buy signal, suggesting the stock is not overbought and has room to run.
Is SOFI Stock a Good Buy?
Turning to Wall Street, SOFI stock has a Hold consensus rating based on six Buys, six Holds, and four Sells assigned in the last three months. At $13.42, the average SOFI stock price target implies a 25.54% upside potential.
