SoFi Shares Surge Friday on Piper Sandler Bullish Rating and Spending Data Boost

SoFi Technologies Inc. shares traded higher this week, supported by an analyst's bullish rating and new spending data from the company's technology solutions segment. The Nasdaq rose 0.22%, and the S&P 500 gained 0.47%.

SoFi also benefited from strength in cryptocurrency and blockchain-related assets. The sector moved higher amid renewed calls for Congress to pass the CLARITY Act. Bitcoin hovered around $77,000 over the past 24 hours.

Piper Sandler Turns Bullish on SoFi

On Monday, Piper Sandler initiated coverage of SoFi with an Overweight rating and a $22 price target.

Analyst Patrick Moley highlighted the large loan and debt consolidation market as a key opportunity. He also emphasized SoFi's product ecosystem, which he said helps drive consumer adoption.

Piper Sandler projects fiscal 2026 revenue of $4.89 billion and earnings per share of 63 cents. For 2027, the firm expects revenue of $6.14 billion and EPS of 88 cents.

Debit Card Spending Surges in Key Categories

Separately, SoFi Technology Solutions released its Q2 2026 debit card spending index on Tuesday.

Travel spending rose 21% quarter-over-quarter, and experience spending grew 23%. Fuel spending increased 28.2%, surpassing groceries to become the largest share of essential spending.

"In Q2, debit card spending was everywhere, from gas stations to airports to theaters and stadiums," said Kathleen Pierce-Gilmore, president of SoFi Tech Solutions.

Key Levels to Watch for SOFI Stock

SOFI trades above its 20-day, 50-day, and 100-day simple moving averages. The stock sits roughly 7% to 10% above these levels, indicating improved momentum in recent weeks.

However, the stock remains about 7% below its 200-day SMA of $20.52. This leaves the long-term technical picture mixed.

The stock has a bullish 20-day over 50-day setup. However, the March "death cross" remains in place.

The $20 level is a key resistance area. It sits just below the 200-day SMA of $20.52. Meanwhile, $17 is a key support level, near the 20-day and 50-day SMAs of $17.76 and $17.68, respectively.

SOFI price action: SoFi Technologies stock rose 5.69% to $18.94 at Friday's publication time.