Why SoFi Technologies, Inc. (SOFI) Is Skyrocketing

We recently compiled a list of the 10 Firms Shine Amid Wall Street’s Lackluster Trading. In this article, we are going to take a look at where SoFi Technologies, Inc. (NASDAQ:SOFI) stands against the other stocks.

A lackluster trading persisted throughout Thursday, with Wall Street’s main indices ending the day with only marginal changes.

The Dow Jones Industrial Average dipped by 0.16 percent, while the S&P 500 shed 0.21 percent, and the Nasdaq Composite declined by 0.89 percent.

Meanwhile, 10 companies bucked an overall dull trading, having posted impressive gains. Let’s take a closer look at the top performers and explore the factors driving their exceptional results.

To come up with Thursday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A professional banker shaking hands with an entrepreneur in a boardroom setting.

SoFi Technologies, Inc. (NASDAQ:SOFI)

SoFi Technologies, Inc. rose for a third day on Thursday, adding 5.09 percent to close at $16.3 apiece as investors took heart from news that it raised $525 million from a loan program with PGIM Fixed Income.

The transaction followed a $350 million investment from PGIM in May 2024 and builds on SoFi’s $3.9 billion in personal loan collateral sold in the third quarter of 2024 alone.

Edwin Wiches, managing director and co-head of securitized products at PGIM, said that SoFi Technologies, Inc.’s personal loans represent an attractive opportunity for PGIM.

“We continue to expand our platform as an asset-based finance lender and source investments that provide compelling risk-adjusted returns for our clients with partners who put their customers first,” he said.


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This article was originally published at Insider Monkey.