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SoFi Technologies, Inc. (NASDAQ:SOFI) shares are trading mostly flat Thursday. The stock has climbed more than 20% over the past month on investors' optimism for rate cuts in the near-term.
What To Know:
There have also been several recent developments regarding student loans. The Biden Administration announced Thursday that it will forgive an additional $1.2 billion in student loans for 35,000 public service workers through its Public Service Loan Forgiveness (PSLF) program.
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Discover Financial Services (NYSE:DFS) announced Wednesday that it has entered into an agreement to sell its private student loan portfolio to one or more strategic partnerships with Firstmark Services, a division of Nelnet, Inc. (NYSE:NNI) assuming responsibility for servicing the portfolio upon the sale.
The principal balance of Discover's private student loan portfolio was approximately $10.1 billion, and the purchase price is expected to be up to approximately $10.8 billion.
Student loans accounted for 17.21% of SoFi's loan origination volume in the first quarter, and the segment grew 43% year-over-year.
SoFi is set to report its second-quarter results on July 30 before the opening bell. According to estimates from Benzinga Pro, analysts expect the company to report earnings of 1 cent per share and quarterly revenue of $563.908 million.
According to data from Benzinga Pro, SoFi shares are trading above the stock’s 50-day moving average of $6.86 and 18.66% of shares are being sold short.
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at SoFi Technologies, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For SoFi Technologies, the 200-day moving average sits at $7.60, according to Benzinga Pro, which is below the current price of $7.98. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
SOFI Price Action: According to Benzinga Pro, SoFi Technologies shares are down 0.51% at $7.80 at the time of publication Thursday.
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