Should you buy SoFi stock as its popularity rises on Wall Street Bets?

SoFi Technologies Inc (NASDAQ: SOFI) is gradually becoming the next favorite among the online retail investor community. According to Vanda Research, the Chamath Palihapitiya-backed fintech firm that went live on the stock exchange via a SPAC deal has seen a series of retail investments last week.

On Tuesday, SoFi made up 20% of all activity on the popular Wall Street Bets subreddit. Members of WSB are bullish on the stock amid expectations it can become the next PayPal Holdings Inc (NASDAQ: PYPL).

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The Reddit community has proven to be on the winning side of many stocks this year, more broadly termed as the meme stocks. If you think that SoFi stock could be the next meme stock and would like to benefit from a potential upcoming rally, this guide will help you learn how to buy SoFi shares online.

Where and how to buy SoFi shares online?

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What is SoFi stock?

SoFi stock, also known as Social Finance, Inc., is a mobile-first service company that offers a portfolio of financial products to American users. These include student loan aid, mortgages, personal loans, credit products, as well as banking and investing features. Buying SoFi stock is a bet on the growing millennial population embracing new-age technologies for all their financial needs, both present, and future.

Will SoFi stock rise in value?

Optimize Advisors Michael Khouw said on CNBC’s “Fast Money” segment on Tuesday that SoFi experienced unusually high bullish options activity. At play were $25 call options that expire in August which means that some investors are betting that SoFi stock has a path to trade above $25 in the coming weeks. He said:

The stock could move as much as 40% over the course of the next three months or so.

Separately, Vanda Research senior strategist Ben Onatibia and analyst Giacomo Pierantoni highlight two reasons why SoFi stock is gaining popularity among retail investors: 1) a rising short interest, and 2) the end of the post-merger lockup period.

So, considering the history of the Reddit community and how it has fuelled unprecedented rallies in stocks they picked up, it is conceivable that SoFi stock could rise sharply in the future.