Traders go wild for fintech after profits make headlines

TLDR: SoFi Technologies reported fourth-quarter earnings of 2 cents per share, swinging to a profit compared to the same time last year. The fintech company attributed its strong performance to outperformance in its non-lending segments, with total deposits rising 19% to $18.60 billion for the quarter. In response to the positive earnings report, SoFi’s stock price increased by 20.3%. The options market also experienced high activity, with 450,000 calls and 151,000 puts exchanged so far. Many analysts still rate the company as a “hold” or worse, but upgrades and price-target hikes may be forthcoming. SoFi’s stock is currently trading at its highest level since January and is on track for its best single-day percentage gain since August 2022.