Why SoFi Technologies Is Up 6% Today

SoFi Technologies (NASDAQ: SOFI) has certainly taken a beating this year, but today was a good day for the fintech as it gained 6% and finished the day at $6.26 per share. SoFiʻs share price is still down about 60% year to date (YTD).

SoFi, a consumer finance company and banking-as-a-service provider, most likely jumped on favorable comments from an industry analyst.

An analyst at Mizuho lowered SoFiʻs price target from $9 to $7 on Thursday, but the investment bank maintained its buy rating on the stock. The Mizuho analyst also said that SoFi is better positioned to handle a recession than its fintech peers. SoFiʻs diverse revenue streams and durable business model have been cited as its key advantages.

Source Fool.com