--- title: "Why Is SoFi Stock Surging Friday?" type: "News" locale: "en" url: "https://longbridge.com/en/news/296637521.md" description: "SoFi Technologies (NASDAQ: SOFI) stock surged on Friday, driven by a bullish $22 price target from Piper Sandler, strong debit spending data, and momentum in cryptocurrency assets. Piper Sandler initiated coverage with an Overweight rating, projecting significant revenue growth through fiscal 2027. Additionally, SoFi's Tech Solutions reported substantial increases in travel, experience, and fuel spending. Technically, the stock is trading above short-term moving averages but remains below its 200-day SMA, with $20 identified as key resistance." datetime: "2026-08-21T15:56:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296637521.md) - [en](https://longbridge.com/en/news/296637521.md) - [zh-HK](https://longbridge.com/zh-HK/news/296637521.md) generator: "portal-rs" --- # Why Is SoFi Stock Surging Friday? **SoFi Technologies Inc.** (NASDAQ:SOFI) stock is trading higher this week, supported by a bullish analyst call and new spending data from the company’s technology solutions unit. The Nasdaq gained 0.22%, while the S&P 500 rose 0.47%. SoFi is also benefiting from strength in cryptocurrency and blockchain-related assets. The sector moved higher amid renewed calls for Congress to pass the CLARITY Act. **Bitcoin** (CRYPTO: BTC) hovered around $77,000 over the past 24 hours. ## Piper Sandler Turns Bullish On SoFi On Monday, **Piper Sandler** initiated coverage of SoFi with an Overweight rating and a $22 price forecast. Analyst Patrick Moley cited the large lending and debt-consolidation market as a key opportunity. He also highlighted SoFi’s product ecosystem, which he said helps drive consumer adoption. Piper Sandler projects fiscal 2026 revenue of $4.89 billion and earnings of 63 cents per share. For 2027, the firm expects revenue of $6.14 billion and earnings of 88 cents per share. ## Debit Spending Jumps Across Key Categories Separately, SoFi Technology Solutions released its second-quarter 2026 Debit Spend Index on Tuesday. Travel spending rose 21% from the first quarter, while spending on experiences increased 23%. Fuel spending jumped 28.2%, overtaking groceries as the largest share of essential spending. “In second quarter, debit showed up everywhere from the gas pump to the airport to theaters and stadiums,” said **Kathleen Pierce-Gilmore**, president of SoFi Tech Solutions. ## Critical Levels To Watch For SOFI Stock SOFI is trading above its 20-day, 50-day and 100-day simple moving averages, or SMAs. The stock is roughly 7% to 10% above those levels, signaling improving momentum in recent weeks. However, the stock remains about 7% below its 200-day SMA of $20.52. That keeps the longer-term technical picture mixed. The stock has a bullish 20-day-over-50-day setup. However, the “death cross” from March, when the 50-day SMA fell below the 200-day SMA, remains in place. The $20 level is a key resistance area. It sits just below the 200-day SMA of $20.52. Meanwhile, $17 is a key support level near the 20-day and 50-day SMAs of $17.76 and $17.68, respectively. **SOFI Stock Price Activity:** SoFi Technologies shares were up 5.69% at $18.94 at the time of publication Friday, according to Benzinga Pro data. *Image via Shutterstock* **Read Also: Walmart’s AI Bet Is Working: Sparky Users Spend 40% More as CEO Says AI Will Reshape ‘Nearly Every Part of Our Business’** ### Related Stocks - [SOFI.US](https://longbridge.com/en/quote/SOFI.US.md) - [SOFX.US](https://longbridge.com/en/quote/SOFX.US.md) - [SOFA.US](https://longbridge.com/en/quote/SOFA.US.md) - [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [PIPR.US](https://longbridge.com/en/quote/PIPR.US.md) - [WMT.US](https://longbridge.com/en/quote/WMT.US.md) ## Related News & Research - [Why I'm watching SoFi as a financials pick I don't own yet](https://longbridge.com/en/news/296381218.md) - [SoFi is dividing Wall Street. This bull case says the stock could rise 20%.](https://longbridge.com/en/news/296137272.md) - [SoFi EVP Kelli Keough sells 11,286 shares for $203,219](https://longbridge.com/en/news/296834154.md) - [SoFi (SOFI) Stock Looks Rich On Fair Value And Earnings](https://longbridge.com/en/news/296262997.md) - [SoFi Stock Keeps Falling Despite ‘Exceptional’ Earnings. What It Would Take to Move SOFI Again.](https://longbridge.com/en/news/295928285.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**