MW SoFi's stock climbs above $14 as it heads for best five-day run in over a year
By Emily Bary
The neobanking stock has been on a tear in the wake of the election
SoFi Technologies Inc.'s stock rally has ignited further on Monday, with shares on track to post another 9%-plus rally.
The neobanking stock has been on a tear in the wake of the election. While it didn't see nearly the same boost as traditional banking stocks did in the session immediately following Donald Trump's victory, SoFi's stock (SOFI) has made up for it in the trading days since. The stock is up 23.5% over the past four sessions.
Financial-services companies are expected to benefit from a more relaxed regulatory backdrop after Trump takes office for a second term.
Read: SoFi's stock climbs, with these twin engines carrying the rally further
Looking at the past five trading sessions, SoFi shares are up 31.5%, which puts them on track for their largest five-day percentage increase since June 5, 2023, when the shares gained 34%, according to Dow Jones Market Data.
Over a two-day span, the stock is up 19.1% and on pace for its largest such gain since the two trading days that ended Dec. 14, 2023. Shares are now trading above $14.
Another positive recent development for SoFi was that fellow lender Upstart Holdings Inc. $(UPST)$ last week indicated improving credit trends, something that SoFi's latest results showed as well. That's giving investors more confidence in the health of the personal-lending segment and the strength of underwriting models.
See also: Upstart's return to 'growth mode' helps send the AI-lending stock higher
About 18% of SoFi shares are held short, meaning that the stock's recent momentum could be prompting some short sellers to cover positions.
-Emily Bary
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November 11, 2024 11:57 ET (16:57 GMT)
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