SoFi Shares Surge Wednesday on Piper Sandler Bullish Rating and Strong Consumer Spending Data

SoFi Technologies Inc. shares surged on Wednesday, driven by a recent bullish Wall Street rating, positive quarterly debit card spending data, and optimistic post-earnings market sentiment. The Nasdaq was flat, while the S&P 500 rose 0.4%.

Piper Sandler Initiates Coverage with Overweight Rating

On Monday, Piper Sandler initiated coverage on SoFi with an Overweight rating and a $22 price target. Analyst Patrick Moley highlighted two key drivers: the large lending and debt consolidation market, and a product ecosystem accelerating consumer adoption.

Piper Sandler projects SoFi's fiscal 2026 revenue at $4.89 billion with earnings per share of 63 cents, followed by fiscal 2027 revenue of $6.14 billion and EPS of 88 cents.

Debit Card Spending Index Shows Broad Growth Across Categories

Separately, SoFi Technology Solutions released its fiscal Q2 2026 debit card spending index on Tuesday. Travel spending rose 21% quarter-over-quarter from Q1, while experience-related spending grew 23%. Fuel spending increased 28.2%, surpassing groceries as the largest share of essential spending.

"Debit card spending was everywhere in the second quarter, from gas stations to airports to movie theaters and sports venues," said Kathleen Pierce-Gilmore, President of SoFi Tech Solutions.

SoFi Stock: Key Technical Levels to Watch

SoFi trades above its 20-day, 50-day, and 100-day simple moving averages, supporting the view that the recent trend has turned constructive. Larger resistance comes from the longer-term trend: the stock remains 12.6% below its 200-day simple moving average, and the 50-day line remains below the 200-day line.

The relative strength index is currently a clearer momentum indicator at 53.09, pointing to neutral momentum rather than overbought or oversold conditions.

Key resistance: $19 — a nearby round-number key level where rallies could stall, especially with the 200-day exponential moving average just above the current price

Key support: $15 — a critical bottom near the lower end of the 52-week range, where buyers have previously emerged

SOFI price action: SoFi Technologies stock rose 4.39% on Wednesday to $17.85.