What Happened With SoFi Stock Today?

SoFi Technologies Inc  (NASDAQ:SOFI) shares moved on heavy trading volume Wednesday as investors digested the first interest rate cut from the Federal Reserve in four years. 

The Details: SoFi shares have been trending across social media and have climbed more than 10% over the past five days as investors anticipated a rate cut.

The Federal Reserve delivered a 50 basis point (bps) cut Wednesday. The rate cut brings the federal funds rate down to a range of 4.75% to 5% and will reduce rates for consumers. 

SoFi continues to diversify its offerings beyond student loans, expanding into personal loans, mortgages, investment accounts and credit cards. Many of SoFi's segments could benefit from lower interest rates, which may draw more borrowers to the company's offerings. 

Read Next: NVIDIA, Salesforce Announce Strategic AI Collaboration: What To Know

SoFi's stock spiked to an intraday high of $8.53 just after the announcement from Fed Chairman Jerome Powell, but pulled back into the close.  

According to data from Benzinga Pro, more than 63 million SoFi shares changed hands in Wednesday's session and 18.74% of shares are being sold short.

SOFI Price Action: According to Benzinga Pro, SoFi Technologies shares closed Wednesday down 0.12% at $8.11.

Read Also:

• What’s Going On With Amazon Stock?

Photo: Shutterstock

Read more...