Why SoFi Technologies Stock Climbed 20.2% in June
SoFi Technologies (NASDAQ: SOFI) continued its winning streak in June as the stock price rose 20.2% for the month, according to S&P Global Market Intelligence. This follows a gain of 11.4% in May. As of July 5, SoFi was up 83% year to date, trading at around $8.45 per share.
June was an excellent month for the markets, as the S 500 was up 6.5%, the Dow Jones Industrial Average gained 4.6%, and the Nasdaq Composite jumped 6.6% in June.
The fintech had a couple of key catalysts in June. The first was the passage of the debt ceiling -- a deal that was agreed to in late May but officially approved by Congress on June 1. This was of particular interest to SoFi as one of the provisions was to end the moratorium on student loan repayments that had been in place since the start of the pandemic and extended several times. As a major student loan lender, SoFi had been lobbying for this provision and even sued the federal government over it. With the passage of the debt ceiling, SoFi agreed to drop its lawsuit. SoFi had lost an estimated $300 million in revenue from the moratorium.
Source Fool.com
