SoFi Sees Surge on Notre Dame Deal, Kraken Partnership
SoFi Technologies (SOFI) shares surged this week following two significant announcements that have piqued investors' interest.
The fintech company made headlines with a six-year, $100 million jersey sponsorship deal with the University of Notre Dame, featuring its logo on all varsity uniforms. This move expands SoFi's consumer visibility and aligns its brand with a prominent college sports powerhouse.
Meanwhile, SoFi signed a partnership with Payward, parent company of crypto exchange Kraken, to list its bank-issued stablecoin, SoFiUSD, and connect Kraken's institutional clients to SoFi's 24/7 U.S. dollar settlement network. This deal has already lifted SoFi's share price by around 2-2.5%.
Analysts are growing more positive on the stock, with Scotiabank launching coverage with a Buy rating and a $25 target, while the TipRanks consensus remains at Hold with an average target near $20.57.