SoFi Technologies Inc. (NYSE: SOFI), a fintech company, has been surging on Friday as a result of short-interest. Recently, the organization has disclosed that 141.71 million shares have been sold short, accounting for 22.48% of all ordinary shares open for trade. On average, traders would need 2.3 days to settle their short positions based on the stock’s trading volume. Earlier this week, the SOFI stock tumbled hard on Tuesday after its earnings were released way ahead of schedule.
SoFi Technologies was earlier set to release its first-quarter earnings for FY22 after the market closes on Tuesday, May 10, 2022. However, Bloomberg reported the company’s earnings way ahead in advance. This caused a huge loss to the SOFI stock as it plunged over 18%.
SoFi reported a loss of $0.14 per share against an estimated loss of $0.13 per share, thus missing the expectations. However, the company reported a revenue of $321.7 million, which surpassed the Wall Street Consensus estimate of $284.0 million. Therefore, due to an earnings miss, the SOFI stock tumbled in the market trading session today and lost over 18%. Moreover, the SOFI stock’s trading was halted at 11:19 a.m. EDT and exceeded the 1 hour halt mark.
The SOFI stock was up by a huge 19.61% and traded at $6.77 (gaining 1.11 points) at 11:47 a.m. EDT in the market trading session today. The market capitalization of the stock stood at $5.4 billion. The share volume traded for the stock was 40,670,546, much lesser than the average trade volume of 57,450,043.
Earlier, after the earnings mishap, the SOFI stock was down by a huge 18.43% and traded at $4.87 (losing 4.87 points) at 11:19 a.m. EDT in the market trading session that day. The market capitalization of the stock stood at $3.89 billion. The share volume traded for the SOFI stock was 46,931,764, inching towards its average share volume of 56,156,658.