SoFi Technologies Inc. (NASDAQ:SOFI) stock is trading higher this week, supported by a bullish analyst call and new spending data from the company’s technology solutions unit. The Nasdaq gained 0.22%, while the S&P 500 rose 0.47%.
SoFi is also benefiting from strength in cryptocurrency and blockchain-related assets. The sector moved higher amid renewed calls for Congress to pass the CLARITY Act. Bitcoin (CRYPTO: BTC) hovered around $77,000 over the past 24 hours.
Piper Sandler Turns Bullish On SoFi
On Monday, Piper Sandler initiated coverage of SoFi with an Overweight rating and a $22 price forecast.
Analyst Patrick Moley cited the large lending and debt-consolidation market as a key opportunity. He also highlighted SoFi’s product ecosystem, which he said helps drive consumer adoption.
