New York, July 12, 2026, 10:09 (EDT)
SoFi Technologies, Inc. NASDAQ:SOFI starts Monday at $18.78 after rising 3.0% last week, topping the Nasdaq Composite (INDEXNASDAQ:.IXIC), which went up 1.7%. On Friday, shares topped out at $19.74 but ended the session 4.9% below that, still gaining 0.9% for the day.
This shift is key now with a financing deadline approaching. SoFi said it still had $428 million in zero-coupon convertible notes outstanding at March 31. Holders can swap the notes for shares any time, converting at $22.41 a share—19.3% above where SoFi closed on Friday. The notes come due Oct. 15.
SoFi topped other consumer-fintech lenders last week.
| Security | July 10 close | Close-to-close weekly change |
|---|---|---|
| SoFi | $18.78 | up 3.0% |
| Affirm Holdings, Inc. NASDAQ:AFRM | $83.42 | down 1.4% |
| Upstart Holdings, Inc. NASDAQ:UPST | $32.74 | fell 5.9% |
| Nasdaq Composite | 26,281.61 | gained 1.7% |
Stock moves are based on prices from the July 2 close, which was the last session before the Independence Day break, through July 10.
Friday’s trading brought volume up to 91.66 million shares, which is 24% higher than the 65-day average. As of June 30, 188.1 million shares, or 14.94% of the public float, were reported short. Friday’s volume was nearly 49% of the short interest, which doesn’t confirm covering but does point to a lot of action against a big short bet.
Goldman Sachs NYSE:GS on Thursday lifted its SoFi price target to $21 from $17 and kept its Neutral rating, citing a positive setup for consumer fintech firms. The new target points to 11.8% upside from Friday’s close. It’s still under the note’s conversion price.
| Price marker | Price | Move from $18.78 |
|---|---|---|
| Closed Friday | $18.78 | — |
| Goldman Sachs price target | $21.00 | +11.8% |
| Initial convertible note price | $22.41 | +19.3% |
The convertible notes could mean 19.096 million shares as of March 31, or about 1.49% of SoFi’s 1.281 billion shares before any impact from capped-call options. Those options are in place to help cut dilution or extra cash payments. SoFi plans to use both cash and stock to settle conversions. The notes’ $428 million face value was 12.6% of consolidated cash and equivalents at the end of the quarter, but that includes more than just unrestricted parent cash.
Results in the first quarter gave some support. Adjusted revenue jumped 41% to about $1.1 billion. Loan originations hit $12.2 billion. Membership climbed 35% to 14.7 million. “The health of our consumer base remains strong,” CEO Anthony Noto told Reuters. Still, William Blair analyst Andrew Jeffrey said SoFi’s 2026 outlook is “effectively unchanged.” Reuters
Macro numbers will hit first. June CPI is out Tuesday, PPI on Wednesday and retail sales on Thursday. JPMorgan Chase & Co. NYSE:JPM and Goldman report Tuesday, giving a first look at credit-card delinquencies and trends in consumer spending. Glenmede’s Michael Reynolds said “a lot of factors coming to a head all at once,” while Anthony Saglimbene at Ameriprise Financial, Inc. NYSE:AMP warned hotter inflation “could push odds of a rate increase higher by year end.” Reuters
SoFi’s rate model makes those filings stand out. A 100-basis-point drop in rates would add $159.9 million to its next-12-month net interest income, while a 100-point move higher would cut it by $117.7 million, according to the March filing. One basis point equals 0.01%. SoFi said the sensitivity test isn’t a prediction.
The setup could go either way. If inflation runs hot, rate bets go up. Bank earnings could reveal weaker consumer credit. SoFi’s Technology Platform revenue dropped 27% in Q1, with enabled accounts down 16%. If shares stay under $22.41, the value behind the notes stays below principal, so repayment or a cash settlement is more likely. If the stock climbs past that level, dilution and hedging get more attention. SoFi also says capped-call counterparties may not hold up their end.
SoFi will report Q2 numbers around 7 a.m. EDT on July 29, then hold its earnings call at 8 a.m. Monday’s session will show if the stock can take back Friday’s $19.74 high. The bigger issue for SoFi is whether results and the rate picture push shares closer to $22.41 before the October maturity.
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