New York, April 18, 2026, 12:31 EDT
SoFi Technologies picked up another 2.1% on Friday, finishing at $19.43 after hitting a session high of $20.13. Investors kept piling in ahead of the fintech lender’s upcoming first-quarter results. More than 73 million shares changed hands.
This is a key moment for SoFi, as its upcoming report—slated for release around 7 a.m. on April 29—marks the first big update since Muddy Waters Research went after the company’s accounting and business model back in March. SoFi plans to follow up with an earnings call at 8 a.m. Eastern that day.
What investors want to see right now is whether lending and fee-driven products can keep expanding, and do it without new hits to credit quality, margins, or anything funky in loan-sale accounting. That’s the test—not simply how the stock moves.
SoFi keeps pushing to shed its image as just a student-loan refi play. Back in January, it posted record Q4 adjusted revenue—$1 billion. Loan originations clocked in at $10.5 billion, and financial-services revenue, covering credit cards and investing, surged 78%.
Back then, Chief Executive Anthony Noto told Reuters that member financial health—whether in spending, investing or credit—“remained strong.” Noto also weighed in on a possible 10% ceiling for U.S. credit-card interest rates, saying it could open a “massive gap in the market” and possibly boost demand for personal loans. Reuters
The stock pushed higher alongside a rally in other consumer-finance and trading-platform peers. Affirm jumped 7.0%, Robinhood tacked on 4.6%, and LendingClub advanced 5.0%. Investors, it seems, weren’t just chasing SoFi—there was fresh appetite for risk across sections of the fintech space.
Yet the overhang on SoFi hasn’t lifted. Last month, short seller Muddy Waters disclosed a position against the stock, pointing to what it called a material misstatement regarding unrecorded debt. SoFi fired back, labeling the claims “factually inaccurate and misleading,” and hasn’t ruled out suing. Reuters
The stock kept moving higher despite the ongoing dispute. Mizuho’s Don Dolev, in comments to Fortune, acknowledged the Muddy Waters report packed “an impressive amount of detail and analysis,” but argued it “misunderstands or mischaracterizes key facts” involving the loan sale, discount rate, and several other points. Fortune
Muddy Waters cautions that it could trim or close out short bets following publication, and says its reports are just opinions—not recommendations. That’s worth noting with a stock popular among retail traders, since fast swings can quickly snowball.
The risk is clear enough: With SoFi trading near 50 times trailing earnings, any signs of softer loan demand, mounting credit strain, or shakier fee income in the April 29 report could sap the rebound’s momentum in a hurry.
SoFi’s getting some breathing space from the market for now. But it’s the numbers that’ll need to do the talking—not another statement.
