SoFi Technologies (SOFI) is experiencing a boost in its stock price today, driven by the announcement of a new partnership with Templum, which expands access to private market funds. This strategic move allows SoFi to offer its accredited investors exposure to high-demand private companies like SpaceX, through funds such as the Cosmos Fund, Pomona Investment Fund, and StepStone Private Markets Fund. This initiative aligns with SoFi's ongoing efforts to democratize access to private market investments, traditionally reserved for institutional investors, and is expected to attract significant interest from retail investors.
Additionally, the company's recent Q3 2024 earnings report, which highlighted a 30% year-over-year revenue increase and a turnaround to $61 million in net income, continues to bolster investor confidence. The positive financial performance, coupled with the promising new partnership, underscores SoFi's robust growth trajectory and operational efficiency, making it an attractive investment option.
SoFi Technologies' stock is currently trading at $16.30, reflecting a 2.62% increase from its previous close of $15.88 and a 1.22% rise from its opening price of $16.10.