NEW YORK, July 1, 2026, 12:02 EDT
- SoFi shares gained 3.3% to $18.52 in the latest trade, outpacing QQQ and XLF.
- SoFi started offering small-business loans up to $250,000 on June 30. KBW left its Underperform rating and $16 price target unchanged.
- The stock is moving faster than the near-term earnings outlook would suggest. Next look at the numbers comes with Q2 results on July 29.
SoFi Technologies, Inc. NASDAQ:SOFI climbed over 3% Wednesday, outpacing the Invesco QQQ Trust NASDAQ:QQQ and the Financial Select Sector SPDR Fund (NYSEARCA:XLF). Investors responded to SoFi’s launch of a small-business loan product, viewing it as a new trial for the company’s cross-sell strategy.
The stock traded at $18.52 as of 11:46 a.m. EDT, up 3.3%, hitting a high of $18.67 earlier. Volume was about 31.8 million shares, which comes to around $588 million in value. QQQ slipped 0.9%. XLF gained 2.3%, and SPDR S&P 500 ETF Trust (NYSEARCA:SPY) was up 0.3%.
| Instrument | Google Finance ticker | Latest | Day move | Intraday range |
|---|---|---|---|---|
| SoFi Technologies, Inc. | NASDAQ:SOFI | $18.52 | up 3.3% | $17.87 to $18.67 |
| Affirm Holdings, Inc. | NASDAQ:AFRM | $84.69 | rose 3.9% | traded between $81.22 and $84.95 |
| Upstart Holdings, Inc. | NASDAQ:UPST | $36.61 | gained 3.3% | $35.13 to $36.70 |
| Robinhood Markets, Inc. | NASDAQ:HOOD | $107.73 | jumped 7.4% | hit a range from $99.29 to $108.34 |
| Financial Select Sector SPDR Fund | NYSEARCA:XLF | $54.83 | added 2.3% | $53.44 to $54.86 |
| Invesco QQQ Trust | NASDAQ:QQQ | $730.10 | down 0.9% | moved from $725.62 to $733.94 |
The gap is what matters here. SoFi beat QQQ by roughly 4.1 percentage points and was about 1 point ahead of XLF. That’s a big lead for a new product launch analysts don’t see boosting earnings right away.
SoFi rolled out its new small-business loans on June 30, offering fixed loans up to $250,000. The company said there’s no application fee, no origination fee, and no penalty for paying off early. CEO Anthony Noto said members’ financial lives “do not stop at personal goals” but also cover the businesses they’re building. SoFi Technologies
Keefe Bruyette stuck with its Underperform rating on SoFi and kept the price target at $16 after the launch. The firm said it still doesn’t see a big impact on SoFi’s near-term numbers, but more small-business offerings might help the company build a large business in time, according to a note cited by TheFly on TipRanks. The $16 target sits about 13.6% under the last trade on Wednesday.
| SoFi operating base | Latest company data | Why it matters for the new loan line |
|---|---|---|
| Q1 total loan originations | $12.18 billion | A $1 billion run-rate for small-business loans would be 8.2% of Q1 originations |
| Q1 personal loan originations | $8.34 billion | Personal loans are still much bigger than this new product |
| Q1 loans at fair value | $40.67 billion | $1 billion is just 2.5% of the loan book |
| Maximum new small-business loan | $250,000 | It would take 4,000 capped loans to reach $1 billion |
| Q1 total members | 14.7 million | The offering is for current members, not new branches |
The numbers help explain why the launch is notable but might not shift the outlook yet. SoFi reported $12.2 billion in originations for Q1 and had $40.7 billion of loans at fair value at the end of March. New products have more impact if they boost fee income, bring in more deposits, or drive repeat borrowing without pushing up credit losses.
The product has buyers. The Federal Reserve’s 2026 small-business credit survey said 60% of employer firms went after some kind of financing in the past year. Only 42% of those got all the cash they wanted. The survey also said more small firms are turning to online fintech lenders. In the 2025 survey, 29% of applicants used them, up from 17% in 2020. But 60% of those who did said the actual cost to borrow was higher than they expected.
That figure is a mixed bag for SoFi. Quick approvals and low fees can draw in borrowers. But as online lenders see higher-than-expected borrowing costs, credit quality and pricing become bigger questions as loan volume grows.
SoFi has locked in its next scheduled event. The company said Wednesday it plans to post Q2 numbers around 7 a.m. Eastern on July 29, followed by an earnings call at 8 a.m.
U.S. stock markets trade on Wednesday, but the holiday week trims the schedule. The NYSE and Nasdaq both show Friday, July 3, as a market holiday for Independence Day.
