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- 1 SoFi stock price closed at $5.41 while witnessing an increase of +3.84% during the last intraday session.
- 2 The year-to-date return of SoFi Stock is 16.34%, while the three-month return is -15.20%.
- 3 The market capitalization of SoFi technologies is $5.09 Billion.
SoFi stock price has been on an uptrend since the beginning of 2023, rising from the low of $4.43, providing approximately 85% return in one month. However, the bullish move was not sustainable, and bears jumped into the market to drive the price into a corrective phase.
The bears pushed the price down, and new support was formed at the $5.20 level, after which SoFi Price tried to retest the annual highs of $8.24, but the move was halted at $6.54 due to the release of the quarter one report on May 1, 2023.
The stock price has recently formed support at the $4.65 level and has been consolidating in the range of $4.65 to $5.60 since May 4. If bulls can push prices above the resistance level of $5.60, SoFi stock price may retest the high of $6.54 and head toward the annual highs.
SoFi’s Earnings Report Analysis
Regarding the Earnings Report of Quarter 1, SoFi Technologies reported revenue of $460.2, beating the consensus estimates of $441 Million. The EPS turned out to be -0.05, outperforming the projected -0.08, a surprise of 0.03 (37.71%).
SoFi underscored its financial strength with a whopping $10 Billion in deposits, $3 Billion of equity capital, and $8.6 billion in warehouse capacity. These robust metrics help explain that the Fintech company has financial stability despite a challenging banking landscape, contributing to a long-term positive outlook for the stock.
Hedge funds have also increased their position by more than 1.1 million, indicating that smart money is also confident about the growth prospect of SoFi technologies, despite the banking crisis.
SoFi’s five largest holders include Vanguard Group, Black Rock, Silver Lake Group, State Street, and Geode Capital Management. Except for Silver Lake Group, the rest have increased their position in SoFi stock. On May 4, CEO Anthony Nato bought 50000 shares and another 30000 shares the next day.
Will SoFi Stock Price Retest Annual Highs?
The relative strength index trades at 51.97, denoting price is currently in neutral territory facing the same pressure from bulls and bears. Chaikin money flow score is 0.02 as SoFi price reaches near the resistance level of $5.60, indicating weak bullish strength.
The stock price has crossed the 20-day SMA of Bollinger and is headed toward the upper band, which resides near the resistance level.
Conclusion
The market structure and price action is currently indecisive for SoFi stock. The investors have a positive outlook for the stock price. The technical parameters are still indecisive about the direction in which the price may head due to a lack of confirmation.
Technical levels
Major support: $4.30 and $4.65
Major resistance: $5.60 and $6.54
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
