"SoFi Technologies Inc.'s ( NASDAQ: SOFI) chief executive officer recently stated at a conference that the fintech company is targeting 30% member growth and 20% revenue growth. The share price is 4.2% higher than it was a week ago, and shares are trading near an all-time high. The stock is up 69.1% year to date, outperforming the S&P 500. Its one-year gain is 247.7%. Worries about recession have had an impact on fintech stocks like SoFi."
"SoFi recently expanded its longstanding partnership with Capitalize to simplify 401(k) transfers, and it announced a $2 billion extension of its Loan Platform Business agreement for personal loans with funds managed by affiliates of Fortress Investment Group. The company has been exploring re-entering the crypto and blockchain space. Its shares were also added to the MSCI ACWI Index, which could lead to increased institutional buying."
SoFi Technologies targets 30% member growth and 20% revenue growth, with shares near an all-time high and a 69.1% year-to-date increase and 247.7% one-year gain. Macroeconomic concerns about a recession have pressured fintech stocks, while notable investors differ—Jim Cramer has promoted the stock and Cathie Wood has sold shares. Analysts are mixed: J.P. Morgan reiterated a Neutral rating while Citigroup maintains a Buy with a $28 target. Corporate moves include an expanded partnership with Capitalize for 401(k) transfers, a $2 billion Loan Platform Business extension with Fortress affiliates, consideration of re-entering crypto and addition to the MSCI ACWI Index.
Read at 24/7 Wall St.
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