SOFI Stock Is The Talk Of The Town Today, And There’s An Amazon Angle

SoFi Technologies (SOFI) stock became the top trending ticker on Stocktwits on Friday morning and witnessed over a 60% increase in retail user message count in the last 24 hours after the company’s platform, Galileo Financial Technologies, announced it had joined the Amazon Web Services (AWS) partner network.

The partnership is to expand access to Galileo Financial’s payment processing solutions. The company announced that businesses across various industries can now utilize Galileo’s platform on AWS to develop, deploy, and scale modern financial experiences.

As an Amazon partner network member, Galileo joins a global network of 130,000 Partners from more than 200 countries working with AWS.

“By joining the AWS Partner Network, we’re meeting businesses where they already are, making it faster and easier for them to access our financial technology and bring new financial products to their customers,” said Sandy Weil, Chief Revenue Officer at Galileo, SoFi’s Technology Platform.

Shares of SoFi Technologies were down nearly 2% before the bell on Friday. Retail sentiment on the stock dipped to ‘bearish’ from ‘neutral’ territory compared to a day ago, with message volumes at ‘normal’ levels, according to data from Stocktwits.

On Wednesday, Keefe Bruyette analyst Timothy Switzer raised the price target on SoFi Technologies to $18 from $14 and maintained an ‘Underperform’ rating, according to TheFly. The firm increased its estimates ahead of the company's third-quarter results on October 28 to reflect higher net interest income and momentum in the loan platform business.

While "several positive potential catalysts" could bring support for the shares in the near term, SoFi's risk and reward "seems skewed negatively over the long term given the premium valuation," Switzer said.

Shares of SoFi Technologies have jumped 73% this year and have gained over 161% in the last 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: American Express Stock Slips Ahead Of Q3 Earnings: Retail Sentiment Turns Bullish

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