New York, May 20, 2026, 12:11 PM EDT
- SoFi Technologies moved up roughly 2.4% in midday trading on the Nasdaq, trading above 22 million shares in volume.
- SoFi shares moved after CEO Anthony Noto spoke at the J.P. Morgan technology, media and communications conference on Tuesday.
- Rising Treasury yields and mortgage rates are still weighing on consumer-finance stocks, putting the bigger test for the stock on rates.
SoFi Technologies shares climbed Wednesday, cutting some losses as investors considered CEO Anthony Noto’s pitch for expanding the financial-services platform. The rate environment has turned tougher for lenders.
SoFi stock was at $15.59 late in the morning, gaining 36 cents. Shares changed hands between $15.04 and $15.68. The company’s market cap was about $21.5 billion at that price, and the stock traded at about 34.6 times earnings, a level that doesn’t allow much room for error.
Timing is a factor. SoFi is working to shift market sentiment after its first-quarter numbers broke records but guidance for 2026 stayed flat. Last month, Reuters said shares dropped after SoFi left its full-year profit forecast at about 60 cents per share and projected revenue near $4.66 billion. This came despite gains in both loans and member totals.
SoFi got a fresh company-facing catalyst Tuesday as CEO Anthony Noto spoke at J.P. Morgan’s 54th Annual Global Technology, Media and Communications Conference. In a transcript, Noto said SoFi had shifted from a “one-stop shop” to a “digital financial everything app,” mentioning around 15 million members and 22 million products, along with its crypto offerings coming back. Seeking Alpha
Bulls are betting on getting more from each customer: more products, more deposits, more lending opportunities, and possible fee gains outside of loans. SoFi reported first-quarter GAAP net revenue up 43% at $1.1 billion. Adjusted net revenue climbed 41%. Adjusted EBITDA gained 62% to $339.9 million. Net income more than doubled, coming in at $166.7 million.
Noto has talked up SoFi’s push into new businesses. In the latest earnings release, he said growth in “new areas like digital assets” was helping the company diversify. A stablecoin is a type of digital token meant to stay at a fixed value, often pegged to the dollar. Q4 Capital
Wall Street has focused on guidance. William Blair’s Andrew Jeffrey wrote that SoFi didn’t pass first-quarter revenue and EBITDA gains into its 2026 forecast, according to Reuters. CEO Anthony Noto told Reuters the “health of our consumer base remains strong,” but investors are still looking for signs that loan growth can keep up if borrowing costs stay high. Reuters
Stocks fell Tuesday after the 10-year Treasury yield jumped to 4.687%, the highest since January 2025, Reuters reported. The move came as investors worried about inflation from high oil prices and the U.S.-Iran conflict. Higher yields can hit growth stocks and slow loan demand because they make future profits worth less today.
Mortgage numbers gave lenders more to weigh. The Mortgage Bankers Association said the average 30-year fixed mortgage rate jumped 10 basis points to 6.56% in the week to May 15, while mortgage applications were down 2.3%. That’s a data point for SoFi’s home-loan push, though personal loans are still the main business.
The rebound wasn’t just at SoFi. Robinhood was up 1.9%, LendingClub tacked on 2.8%, and Upstart gained 2.7%. The Invesco QQQ Trust, which tracks big tech stocks, climbed 1.5%. That points to a more general push into growth and fintech names on Wednesday, rather than a shift tied to one company.
But the downside is clear. If rates climb or jobs get shakier, SoFi could see softer loan demand and worse credit trends, along with more attention on the loans it holds or sells. Its first-quarter 10-Q listed total delinquent amortized-cost loans of $21.2 million as of March 31, higher than $18.0 million at the end of last year. Credit-card loss allowances also went up.
SoFi is bouncing for now. The stock is up after management’s call, but a bigger move may hinge on proof that loan growth, deposits, and new fee business can hold up as rates stay high. Investors are still waiting to see if SoFi can avoid missing guidance again.
