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SoFi Technologies Inc (NASDAQ:SOFI) is set to report first-quarter earnings results before the market opens on Wednesday, April 29. The fintech company is expected to post profits of 12 cents per share on revenue of $1.04 billion, according to the figures cited in the lead-up to the announcement.
The forecast implies year-over-year growth of 100% for earnings and 34.8% for revenue. The stock has also shown recent technical improvement, with a short rally earlier this month breaking a downtrend that began earlier in the year.
Despite the rebound, the $20 level has limited upside gains, while support has emerged around the 50-day moving average. Year to date, SOFI shares are down 28.4%.
SOFI experienced a negative reaction after its earnings release on Jan. 30, ending a three-quarter streak of post-earnings gains.
Ahead of the April 29 report, options markets are pricing a next-day move of 14% in either direction. That compares with an average two-year move of 6% over similar periods.
In the event of a strong earnings report, the article notes that short covering could contribute to upward momentum in the shares.
Short interest is reported at 13.2% of SOFI’s available float, and it would take traders nearly three days to buy back borrowed shares at the stock’s average trading pace.
Options traders appear heavily bullish ahead of the event. The 50-day call/put volume ratio is cited at 3.45 across the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), a reading described as higher than all other values from the past year.
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