SoFi Technologies (NASDAQ:SOFI) stock is soaring higher on Thursday and we’re diving into the news behind that rise.
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Let’s get right into the nitty-gritty of that news below!
- The increase in SOFI stock comes alongside the release of its earnings report for the third quarter of 2021.
- That’s thanks to the company’s adjusted losses per share of 5 cents.
- This is much better than the -14 cents per share that Wall Street was expecting.
- It’s also a massive improvement over the loan company’s adjusted per-share losses of 70 cents in Q3 2020.
- SoFi Technologies also reported revenue of $272.01 million for the third quarter of the year.
- That has it beating out analysts’ estimate of $255.63 million for the period.
- It’s also a 35% increase year-over-year compared to $200.79 million in the third quarter of 2020.
- Another highlight for holders of SOFI stock is new guidance in the earnings report.
- This has the company expecting revenue for the year to range from $1.002 billion to $1.012 billion.
- That’s looking good next to Wall Street’s 2021 revenue estimate of $979.57 million.
- Of course, SOFI stock’s meme status is another factor helping it soar higher today.
- Meme traders are taking extra note of it and heavy trading comes with that.
- As of this writing, more than 30 million shares of the stock have changed hands.
- That’s already a nice jump over the company’s daily average trading volume of about 25.9 million shares.
SOFI stock is up 14.3% as of Thursday morning and is up 91% since the start of the year.
Investors looking for more hot stock market news today are in luck!
InvestorPlace has them covered with all the latest stock happenings. A few examples from today include Backblaze IPO details ahead of its launch, Altimeter Growth (NASDAQ:AGC) is slipping, as well as the news sending Lordstown Motors (NASDAQ:RIDE) higher. You can find all of that at the following links!
More Stock Market News for Thursday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2021/11/hot-meme-stocks-14-reasons-why-fintech-play-sofi-is-surging-today/.
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