SoFi stock rises on bullish coverage and debit spend data

SoFi Technologies Inc. (NASDAQ: SOFI ) stock is surging on Wednesday, driven by strong momentum from recent bullish Wall Street coverage, positive quarterly debit spending data, and upbeat post-earnings market sentiment.

The Nasdaq is flat while the S&P 500 has gained 0.4%.

Piper Sandler Initiates Coverage With Overweight Rating On Monday, Piper Sandler initiated coverage on SoFi with an Overweight rating and a $22 price forecast.

Analyst Patrick Moley cited two key drivers: a large lending and debt-consolidation market, and a product ecosystem that accelerates adoption among consumers.

Piper Sandler projects $4.89 billion in revenue and earnings of 63 cents per share for fiscal 2026, followed by $6.14 billion in revenue and 88 cents per share in 2027.

Read Also: Treasury Just Doubled Its Bond Buybacks: What That Can and Can't Fix Debit Spend Index Shows Broad Category Gains Separately, SoFi Technology Solutions released its second-quarter 2026 Debit Spend Index on Tuesday.

Travel spend rose 21% from the first quarter of 2026, while experiences spend grew 23%.

Fuel spend increased 28.2%, overtaking groceries as the largest share of essential spending. “In second quarter, debit showed up everywhere from the gas pump to the airport to theaters and stadiums,” said Kathleen Pierce-Gilmore, President of SoFi Tech Solutions.

SoFi Stock: Key Technical Levels To Watch SoFi is trading above its 20-day SMA ($17.55), 50-day SMA ($17.58), and 100-day SMA ($17.17), which supports the idea that the near-term trend has turned constructive.

The bigger hurdle is the longer trend: the stock is still trading 12.6% below its 200-day SMA ($20.63), and the 50-day remains below the 200-day (the death cross that occurred in March).

RSI is the cleaner momentum read right now, sitting at 53.09, which points to neutral momentum rather than an overbought or oversold stretch.

Key Resistance: $19 — a nearby round-number area where rebounds can stall, especially with the 200-day EMA ($18.97) sitting just above current levels Key Support: $15 — a key floor near the lower end of the 52-week range ($14.88 low), where buyers have previously shown up SOFI Stock Price Activity: SoFi Technologies shares were up 4.39% at $17.85 on Wednesday, according to Pro data.

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