SoFi Technologies, Inc. (SOFI) saw its stock rise by 2.36% to close at $16.02 on December 6, 2024, driven by a combination of strategic developments and positive investor sentiment. The stock opened at $15.75 and reached a high of $16.05, with trading volume surpassing the average at 56,872,109 shares. A key driver of the day's performance was the announcement of SoFi's expanded access to alternative investments, including the Cosmos Fund, which holds SpaceX stock. This move aligns with SoFi's strategy to broaden investment opportunities for its members, particularly in high-demand private companies like SpaceX.
Additionally, SoFi's recent financial performance has bolstered investor confidence. The company reported a 30% increase in net income for Q3 2024, alongside a 29.91% rise in overall revenue, driven by its tech platform's growth. This consistent outperformance has led to a decrease in short interest, indicating a shift in market sentiment. Discussions on social media platforms like Reddit also highlighted the potential impact of major shareholder Silver Lake's recent share sale, though opinions varied on its significance.