Shares of fintech giant SoFi Technologies Inc. experienced a robust trading session, rallying significantly to close near a yearly peak and signaling strong investor confidence.
Investors in SoFi Technologies Inc. had reason to celebrate as the stock (NASDAQ: SOFI) posted a strong performance on July 3rd. The company’s shares closed the market at 0.45, or 2.48%.
The positive momentum was evident throughout the day’s trading. After opening at $18.31 and briefly touching a low of $18.08, the stock climbed steadily, reaching an intraday high of $18.64. This strong finish well above the previous day’s close of $18.12 underscores a bullish sentiment surrounding the popular finance and technology company.
Perhaps the most compelling aspect of the day’s trading is the stock’s proximity to its 52-week high of $18.92. Closing just pennies away from this key resistance level suggests that SoFi may be poised for a potential breakout. This performance is a world away from its 52-week low of $6.01, highlighting an impressive run-up over the past year.
In after-hours trading, the stock saw a minor correction, dipping slightly to $18.52. According to the day’s data, SoFi holds a P/E ratio of 44.40 and, typical for a high-growth company, does not currently pay a dividend.
As the stock continues to flirt with its yearly high, all eyes will be on SoFi to see if it can sustain this momentum and set a new benchmark in the upcoming trading sessions.
