Shares of digital financial services company SoFi Technologies (NASDAQ:SOFI) jumped 7.4% in the afternoon session after Federal Reserve Chair Jerome Powell's dovish remarks signaled that interest rate cuts may be warranted. Federal Reserve Chair Jerome Powell struck a notably dovish tone, signaling that interest rate cuts may be warranted if the economic slowdown deepens. This pivot is significant for high-growth companies like SoFi, which are sensitive to interest rate expectations. Lower rates reduce the discounting effect on future earnings and decrease borrowing costs, bolstering valuations for growth stocks.
The favorable macro environment comes as SoFi has demonstrated strong underlying performance. The company's stock has already risen significantly this year, supported by factors including a robust second-quarter performance and impressive growth in its lending platform. Following its recent results, Mizuho raised its price target for SoFi to $26, and Needham increased its target to $25, maintaining a Buy rating.
Shares of SoFi Technologies are climbing Friday afternoon. Federal Reserve Chair Jerome Powell struck a notably dovish tone in his Jackson Hole remarks.
Shares of SoFi Technologies rebound on Thursday. The fintech company's shares were caught in a wider market sell-off that particularly affected technology and growth stocks.
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Shares of SoFi Technologies Inc (NASDAQ:SOFI) are falling Wednesday afternoon, swept up in a broader market sell-off impacting technology and growth-oriented stocks.
Shares of digital financial services company SoFi Technologies (NASDAQ:SOFI) fell 5.3% in the afternoon session after investors took some profits off the table as markets awaited signals on future monetary policy from the Federal Reserve's Jackson Hole symposium later in the week.
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SOFI TECHNOLOGIES INC (NASDAQ:SOFI) shows strong earnings momentum with 1,100% EPS growth, solid revenue gains, and a high technical rating, making it a top high-growth momentum stock.
