SoFi Technologies Inc. is rising for a ninth straight day, as optimism over plans to restart student loan payments has yielded a record run of gains.

The online lender, which went public through a deal with a special purpose acquisition company run by venture capitalist Chamath Palihapitiya in 2021, has surged 43% over the period. SoFi stock’s recent strength was jump started in late May as legislators reached a debt-limit deal that included the resumption of student loan payments.

The anticipated end of the moratorium helps alleviate an overhang for SoFi, as the firm’s student loan refinancing business was under pressure during the pause.

Shares have more than doubled so far in 2023, as SoFi recovers from last year’s rout, when the stock plunged more than 70%. It’s been a popular bet for short sellers, though they’ve been moving to cover their contrarian positions as the stock rocketed in recent weeks, according to S3 Partners’ Ihor Dusaniwsky.

The recent rally has pushed the stock to its highest level in more than a year, making it one of the top performers in the Russell 1000 Index so far this year.

The stock soared in the immediate aftermath of the debt-limit deal late last month, then took a mild one-day breather before launching into the current nine-day streak.

BTIG analyst Lance Jessurun initiated coverage of SoFi with a buy rating in a Tuesday evening note, highlighting the company’s plans for profitability by the end of the year. The analyst named it his top stock pick within the consumer-focused fintech space.

“Other fintechs have scrapped near-term profitability plans and loosened credit standards, but SoFi continues to execute effectively, and a resolution to the student loan payment overhang should be a catalyst to drive share prices from here,” Jessurun wrote.

To be sure, the winning streak has also taken SoFi’s relative strength index into overbought territory, and pushed shares way above the $8.38 average 12-month price target on Wall Street. That leaves the consensus mark among analysts implying a stock decline of about 14% even as the majority hold buy-equivalent recommendations.

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Shares rose as much as 7.2% on Wednesday, in the wake of BTIG’s bullish initiation.

“While SoFi’s shares may be inexpensive now, it’s difficult to see valuation remaining this low with GAAP profitability by the end of FY23, and potential further upside coming from the end to the student loan payment moratorium,” Jessurun wrote.

--With assistance from William Maloney and Bailey Lipschultz.