Shares of SoFi Technologies Inc. SOFI were searching for direction in volatile Friday morning activity after the Supreme Court struck down President Joe Biden’s plan to cancel up to $20,000 in student debt for many borrowers. Shares of the financial-technology and lending company, which has a prominent student-loan refinancing business, were off 2.6% in recent activity, after rising as much as 8.0% shortly after a volatility-driven trading halt that was put out shortly after the ruling’s release. SoFi’s student-lending business has come under pressure in recent years as measures such as the pause on student-loan repayments have dampened interest in loan refinancing. With SoFi shares up 40% over the past month and 83% so far this year, analysts have been hotly debating the magnitude of upside for the company’s student-lending business going forward.
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