Options Traders Are Buying the Dip on SoFi Stock

SoFi Technologies (NASDAQ:SOFI) stock is down 2.8% to trade at $18.36 today, with fintech stocks not spared from the broad-market malaise. Despite 29.7% year-to-date deficit, SOFI is one of call traders' most popular names in recent weeks.

Sofi just landed on Senior Quantitative Analyst Rocky White's list of stocks seeing the most options volume over the past 10 days, with 3.6 million calls and 1.3 million puts exchanged. In this timeframe, the March 20 and 23 calls are most popular, with spread activity around the two contracts. 

This skew is nothing new. The equity's 50-day put/call volume ratio of 3.31 over at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than all other annual readings.

SOFI has spent the last month consolidating below $20. The shares are stuck in a downtrend channel from their Nov. 12 record high of $32.73. During this drawdown, the stock has turned in only three weekly wins since November.