SoFi Technologies, Inc. (NASDAQ:SOFI) shares are trading higher Wednesday. The company announced the launch of DSP2.0, its Directed Share Platform (DSP).
The Details: SoFi and PrimaryBid Technologies, Inc. launched DSP2.0 to offer equity program management, IPO and follow-on offering processes for companies looking to raise capital in the U.S.
"For decades, companies have wanted to offer the opportunity to participate in their IPOs to the employees, partners, customers, and others who helped them grow," said Anthony Noto, CEO of SoFi.
"SoFi now offers companies going public a turnkey, 100% digital way to offer IPO shares to employees and other people who helped build their business, and whomever else they want to direct the shares to, whether it's to 10 or 10,000 people," Noto said.
What Else: Many of SoFi's business segments stand to benefit from the Fed's recent 50 point interest rate cut which could draw more borrowers to the company's mortgages, credit cards, personal loans and investment accounts.
Investors will be watching when the company reports its third-quarter financial results on Oct. 29 before the opening bell. According to estimates from Benzinga Pro, analysts expect the company to report quarterly earnings of 4 cents per share.
Will SOFI Stock Go Up?
When trying to assess whether or not SoFi Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $8.75 on SoFi. The Street high target is currently at $10 and the Street low target is $7. Of all the analysts covering SoFi Techs, 2 have positive ratings, 2 have neutral ratings and no one has negative ratings.
In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering SoFi have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. SoFi Technologies is 19.69% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about SoFi Technologies, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
SOFI Price Action: According to Benzinga Pro, SoFi Technologies shares are up 1.31% at $7.73 at the time of publication Wednesday.
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Image: Courtesy of SoFi Technologies, Inc