SoFi Technologies Stock Soars: Do These Options Traders Think It's Moon Time?

SoFi Technologies Inc SOFI broke its high from Thursday on Friday morning and is trading up more than 2% higher.

The San Fransisco-based online finance company hasn’t released any news since Aug. 12, but it remains wildly popular among retail traders.

Institutions seem to like the stock as well, and on Friday morning options traders were hammering bullish call contracts and exiting put positions. Together the traders bet over $585,978 SoFi’s stock is headed higher, with one trader choosing a strike price of $20.

See Also: Why SoFi Technologies Stock Is Surging Higher Today

Why It’s Important: When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.

These types of option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.

The SOFI trades: Below is a look at the notable options alerts, courtesy of Benzinga Pro:

• At 9:40 a.m., a trader executed a call sweep near the ask of 2,500 SoFi options with a strike price of $16 expiring on Oct. 1. The trade represented a $277,500 bullish bet for which the trader paid $1.11 per option contract.
• At 9:53 a.m., a trader executed a call sweep near the ask of 200 SoFi options with a strike price of $17.50 expiring on Nov. 19. The trade represented a $29,600 bullish bet for which the trader paid $1.48 per option contract.
• At 9:55 a.m., a trader executed a call sweep near the ask of 488 SoFi options with a strike price of $16 expiring on Oct. 1. The trade represented a $49,288 bullish bet for which the trader paid $1.01 per option contract.
• At 9:55 a.m., a trader executed a call sweep near the ask of 437 SoFi options with a strike price of $16 expiring on Oct. 1. The trade represented a $44,574 bullish bet for which the trader paid $1.02 per option contract.
• At 10:44 a.m., a trader executed a call sweep near the ask of 200 SoFi options with a strike price of $15 expiring on Sept. 24. The trade represented a $45,200 bullish bet for which the trader paid $2.26 per option contract.
• At 11:17 a.m., a trader executed a call sweep near the ask of 250 SoFi options with a strike price of $20 expiring on Nov. 19. The trade represented a $27,500 bullish bet for which the trader paid $1.10 per option contract.
• At 11:35 a.m., a trader executed a call sweep near the ask of 316 SoFi options with a strike price of $16 expiring on Oct. 1. The trade represented a $54,352 bullish bet for which the trader paid $1.72 per option contract.
• At 11:35 a.m., a trader executed a call sweep near the ask of 337 SoFi options with a strike price of $16 expiring on Oct. 1. The trade represented a $57,964 bullish bet for which the trader paid $1.72 per option contract.

SOFI Price Action: Shares of SoFi were trading 2.65% higher at $17.60 Friday afternoon.