SoFi Technologies Inc (NASDAQ:SOFI) shares are trending higher Monday morning. The Nasdaq is up 0.19% while the S&P 500 has gained 0.13%.

The move follows an announcement from SoFi's technology arm, Galileo Financial Technologies, regarding the integration of the FedNow Service.

SoFi is now among the first banks allowing members to both send and receive instant payments 24/7.

Short Interest

Short interest in SOFI recently climbed to 165.26 million shares, representing 13.24% of the float, with an average daily volume of 71.01 million shares.

The stock is recovering from a volatile period triggered by a Muddy Waters Research report.

The short-seller labeled SoFi a "financial engineering treadmill," alleging inflated EBITDA figures. SoFi management characterized these claims as a "fundamental lack of understanding."

Expansion Into Business Banking

Further context for the recovery includes the launch of SoFi Big Business Banking. This platform allows enterprise clients to manage fiat and crypto transactions in one regulated system. Early participants include Mastercard Inc (NYSE:MA) and BitGo.

Technical Analysis

At $16.52, SoFi is trading about 1% above its 20-day simple moving average (SMA), the stock's average price over the last 20 sessions. At the same time, it's still 26.8% below its 100-day SMA.

Moving average convergence divergence (MACD), a trend/momentum measure, is improving with the MACD at -0.7531 versus a signal line at -0.9439.

Over the last 12 months, the stock has been up 53.65%, but that's backward-looking and includes large swings within the year, with the 52-week range spanning $10.07 to $32.73.

  • Key Resistance: $18.50
  • Key Support: $15.00

SOFI Price Action: SoFi Technologies shares were up 3.18% at $16.73 at the time of publication on Monday, according to Benzinga Pro data.

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