SoFi Shares Rise 1.90% to $14.49 in Thursday Trading

SoFi Technologies Inc. (NASDAQ: SOFI ) stock rose on Thursday. The gain follows a sell-off on Wednesday that pushed the stock to a 52-week low of $13.86. Thursday session’s trading volume was 27.968 million, compared with a 100-day average of 54.858 million, according to Pro data.

Bank of America Earnings Miss Weighs on Bank Stocks Meanwhile, Bank of America Corp. (NYSE: BAC ) reported third-quarter adjusted earnings of $1.08 per share, below the $1.11 consensus estimate. Revenue of $29.958 billion also missed the $30.685 billion estimate. Including a $1.2 billion regulatory settlement, earnings were 91 cents per share.

Bank of America shares fell about 7% to 8% in morning trading. JPMorgan Chase & Co. (NYSE: JPM ) also missed estimates on Tuesday. SoFi holds a national bank charter, so its stock often moves with bank sentiment.

Wednesday’s sell-off came alongside an inflation reading that pushed Treasury yields higher. SoFi is sensitive to interest rates. Read Also: Billionaire John Arnold Warns Fed Rate Hikes ‘May Be Counterproductive,’ Says ‘Will Do Little to Lower Inflation’ Analyst Ratings on SoFi Stock Keefe, Bruyette & Woods analyst Timothy Switzer reiterated an Underperform rating and cut his price forecast to $15 from $16 on Monday. He said rising rates and balance sheet growth cost SoFi more than $1 billion in the third quarter, excluding any hedge relief.

StoneX initiated coverage Tuesday with a Buy rating and a $25 forecast. TD Cowen kept a Hold rating on Oct. 6 and cut its forecast to $17.50 from $18. Technical Analysis SoFi is still in a downtrend on longer-term measures, with the stock trading 8.9% below its 20-day SMA, 15.5% below its 50-day SMA, and 21.4% below its 200-day SMA—classic "below all key averages" behavior.

The 50-day SMA remains below the 200-day SMA (a death cross that occurred in March), which typically keeps rallies more prone to selling until price can reclaim those trend lines. Momentum is the bigger story right now: RSI is 29.89, which signals the selling has become stretched and can set up short-term rebounds even inside a broader bearish trend. The stock is also trading below its prior 52-week low ($14.88), which puts extra focus on whether buyers can defend this area or if it turns into a new resistance zone on any rebound.

Key Resistance: $15.91 Key Support: $14.49 SOFI Stock Price Activity: SoFi Technologies shares are trading higher by 1.90% at $14.49 at the time of publication on Thursday, according to Pro data. Read Also: CoreWeave Stock Keeps Sinking As Wall Street Questions Its Debt-Fueled AI Empire Image via Shutterstock