Digital personal finance firm SoFi Technologies Inc (NASDAQ:SOFI) was one of the notable movers in the market yesterday as it came into the attention of investors in a big way and ended the day with gains of as much as 10%.
Trading Data
On Thursday, SOFI stock moved up 9.41% to $15 with more than 264.39 million shares, compared to its average volume of 33.89 million shares. The stock has moved within a range of $14.01 – 16.47 after opening trade at $14.27.
SoFi Receives Regulatory Approval to Become a National Bank
In this situation, it may be necessary for investors to consider taking a look at the announcement from the company yesterday. SoFi Technologies announced yesterday that the Federal Reserve and the Office of the Comptroller of the Currency had awarded it with the approval for the application to turn into a Bank Holding Company.
That was a major development for the company and one that could eventually propel it to new heights in the future. Hence, the excitement among investors was perhaps understandable. The company seeks to become a Bank Holding Company by acquiring Golden Pacific Bancorp Inc and seeks to operate its bank, SoFi Bank, as a subsidiary.
The company noted that the acquisition could be closed at some point next month once all the regular closing conditions are met. It may be a good time for investors to consider adding the SoFi Technologies stock to their watch lists as the company seeks to start a new chapter.
Key Quote
“This incredible milestone elevates our ability to help even more people get their money right and realize their ambitions,” said Anthony Noto, CEO of SoFi.
Technical Data
SOFI stock is trading below the 20-Day and 50-Day Moving averages of $16.43 and $17.29 respectively. However, the stock is trading above the 200-Day moving average of $14.30. The stock is up 15% in the past week.
