New SoFi Price Target as Swing Traders, Portfolio Managers Align
The small-cap financial services firm announced the launch of a new ETF product.
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So far, the shares of SoFi Technologies (SOFI) are coloring within the lines. The double-bottom pattern of bullish reversal that we have discussed has worked to this point. The shares have retaken their 50-day SMA and 21-day EMA, which appears to have put swing traders and portfolio managers on the same team. That 21-day line has been the line of support for almost a month now, indicating that the swing crowd is still on the bid.
Checking out the indicators, relative strength is now quite robust without approaching a technically overbought condition. Below the chart, the daily MACD is in excellent shape. The histogram of the nine-day EMA is in positive territory (short-term bullish signal) while the 12-day EMA has held above the 26-day EMA with both riding above the zero-bound (short to medium-term bullish signal).
The pivot for the double-bottom pattern stands at $20, which gives us our current $24 target. That said, the 200-day SMA is more important to the bulls than that pivot. That is where portfolio managers will have to start getting more aggressive in their decisions (or not). Hence, we are taking our pivot up to $22 from $20 and our target price up to $27 from $24. Earnings are not due for three weeks.
Portfolio News
Ondas Inc (ONDS)
On Monday, analyst Max Michaels of Lake Street reiterated his “buy” rating on ONDS along with his $19 target price. Michaels is rated at five stars out of five by TipRanks. Over the past two years, he has had only a 50% success rate, but has generated an average return of 36%.
On Tuesday morning, analyst Austin Bohlig of Needham reiterated his “buy” rating on ONDS while increasing his target price from $19 to $23. Bohlig is rated at one star out of five by TipRanks. Over the past two years, he has had only a 30% success rate and generated an average return of -0.8%.
Planet Labs (PL)
On Tuesday, Planet Labs announced the launch of Pelican-11. This is the tech demonstration satellite for the second generation of the firm’s high-resolution Pelican fleet. The spacecraft was launched to orbit aboard the Transporter-17 rideshare mission with SpaceX (SPCX) from Vandenberg Space Force Base in California. Planet Labs has made initial contact with the satellite and has begun the commissioning process. Pelican-11 is designed to validate new technologies and capabilities prior to their integration onboard still to be launched second generation Pelicans.
SoFi Technologies (SOFI)
On Tuesday, SoFi Technologies announced the availability of a new exchange-traded fund, the SoFi Social 50 Income ETF (SFYI). SFYI will invest in the top 50 U.S.-listed stocks held by SoFi Invest self-directed brokerage accounts. The fund will then add an actively managed options strategy designed to pursue monthly income distributions, but not at the expense of growth potential.
On Tuesday morning, analyst Terry Ma of Barclays reiterated his “hold” rating on SOFI as well as his $18 target price. Ma is rated at three stars out of five by TipRanks. Over the past two years, he has had a 55% success rate but generated an average return of -1.8%.
Monday’s Intentions vs Monday’s Actual Trades
Intention: Purchase 25 shares of ONDS at or close to the last sale of $7.52
Actual trade: Bought 25 shares of ONDS at $7.61
Intention: Purchase 5 shares of (RXT) at or close to the last sale of $5.81
Actual trade: Nothing done
Tuesday’s Intentions
Purchase 10 shares of SOFI at or close to the last sale of $18.80.
Current Positions
Long 150 shares of (ALTO) at $5.51. Target price: $8. Last sale: $5.77.
Long 70 shares of (EVLV) at $5.8746. Target price: $8.50. Last sale: $6.27.
Long 200 shares of OCUL at $8.271. Target Price: $11. Last sale: $9.87.
Short one (OCUL) $11 September 18 call at $1.65, Last sale: $1.40.
Short one OCUL $9 July 17 call at $0.90. Last sale: $0.88.
Long 250 shares of ONDS at $8.976. Target price: $14. Last sale: $7.81.
Long 30 shares of PL at $30.6067. Target price $46. Last sale: $30.34.
Long 5 shares of (RKLB) at $89.162. Target price: $131. Last sale: $91.79.
Long 35 shares of RXT at $6.4529. Target price: $9. Last sale: $6.40.
Long 175 shares of (SIDU) at $3.0342. Target price: $6. Last sale: $2.52.
Long 135 shares of SOFI at $15.8617. Target price: $24. Last sale: $18.81.
Short one SOFI August 21 $20 call at $1.02. Last sale: $1.28.
Long 30 shares of (SWBI) at $15.74. Target price: $19. Last sale: $15.33.
Long 50 shares of (VELO) at $13.6592. No target price right now. Last sale: $14.88.
Cash: $506.35.
Portfolio Value: $11,121.26, +11.2% from inception on March 24.
At the time of publication, Guilfoyle was long ALTO, EVLV, OCUL, ONDS, PL, RKLB, RXT, SIDU, SOFI, SWBI and VELO.
