SoFi Technologies (NASDAQ:SOFI) maintained its upward momentum during the holiday-shortened week, closing at $18.24 on Thursday, July 2, reflecting a 2.0% gain from the prior week's close of $17.88. The slight 1.08% dip on Thursday did little to dampen the overall positive sentiment, as trading activity remained notably robust.
Volume data underscores heightened investor interest. Between June 29 and July 2, SoFi shares saw average daily volume of 78.4 million, approximately 10% above the 65-day average of 71.3 million. On Thursday alone, 81.4 million shares changed hands, even as total U.S. exchange volume fell to 19.92 billion shares, below the 20-day average of 23.34 billion.
The broader market provided a mixed backdrop. The Nasdaq Composite slipped 0.8% on Thursday but posted a 2.1% weekly gain. The S&P 500 ended the week up 1.8%, while the Dow Jones Industrial Average added 1.14% on Thursday. SoFi's weekly performance closely tracked the tech-heavy index, outpacing the S&P 500.
Market closures on Friday, July 3, for Independence Day meant the next regular trading session will be Monday, July 6. The shortened week did not dampen activity for SoFi, which continues to benefit from a favorable interest rate environment. The June jobs report came in below expectations, easing pressure on the Federal Reserve to raise rates in the near term, according to Adam Sarhan of 50 Park Investments. This dynamic is particularly relevant for SoFi, whose shares remain sensitive to loan volume, funding costs, and credit performance.
On June 30, SoFi announced the launch of small-business loans with fixed amounts up to $250,000, featuring no application, origination, or prepayment fees. CEO Anthony Noto stated that the move addresses members' broader financial needs beyond personal goals. The new product enters a market where 60% of small businesses sought financing in the past year, according to the Federal Reserve's 2026 Small Business Credit Survey. Online fintech lender applications rose to 29% in the 2025 survey, up from 17% in 2020, though 60% of borrowers from online lenders reported higher-than-expected costs.
Wall Street analysts are divided on the stock's outlook. Citi's Peter Christiansen maintains a Buy rating with a Street-high price target of $30. Conversely, Keefe Bruyette retains an Underperform rating and a $16 target, suggesting the small-business loan initiative may not materially impact near-term financials, though it could become significant over time. The consensus target from TipRanks stands at $20.69.
SoFi's first-quarter results showed adjusted net revenue of $1.1 billion, up 41% year-over-year. Adjusted EBITDA reached $340 million, a 62% increase. Total loan originations hit $12.2 billion, while members grew 35% to 14.7 million and products rose 39% to 22.2 million. Net interest income climbed 39% to $693.0 million, and total fee-based revenue rose 23% to $386.8 million.
Investors now turn their attention to the second-quarter earnings report, scheduled for release on July 29, before the company's 8 a.m. ET conference call. The results will provide further clarity on SoFi's growth trajectory and the impact of its latest product expansion.
