Why Shares of SoFi Are Rising Today
Shares of the one-stop-shop financial services company SoFi (NASDAQ: SOFI) were up by more than 10% as of 12:25 p.m. EDT Monday, and several catalysts appeared to be driving the move.
The first thing that appeared to have intrigued investors about SoFi was the earnings report from online personal lender LendingClub (NYSE: LC). That fintech generated superb earnings results for Q3 and its stock is up more than 50% since. SoFi will unveil its Q3 earnings results next week, and investors seem to think that LendingClub's results portend good things for SoFi.
Additionally, SoFi in March announced its plans to acquire Golden Pacific Bancorp and the bank charter that comes with it. That would allow the bank to gather cheap deposits and also originate loans without involving a third-party bank.
Source Fool.com
