"SoFi Technologies Inc.'s ( NASDAQ: SOFI) chief executive officer stated at a conference earlier this year that the fintech company is targeting 30% member growth and 20% revenue growth. The stock retreated 10.4% this past week. Some institutional investors adjusted their positions, some buying and some selling, after the company recently rolled out spot cryptocurrency trading for its retail customers. Note that the share price is still up 87.7% from six months ago, far outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 69.8%."
"SEC filings revealed that some asset management firms increased their stakes in SoFi during the third quarter. SoFi has been exploring re-entry into the crypto and blockchain space. It recently announced the launch of a new, actively managed exchange-traded fund (ETF) focused on artificial intelligence, as well as the rollout of Level 1 options trading for its SoFi Invest members. It also announced a partnership with Lightspark to leverage blockchain technology for international money transfers."
SoFi targets 30% member growth and 20% revenue growth while pursuing product and market expansion. The stock fell 10.4% in the most recent week but remains up 87.7% over six months and 69.8% over one year. Institutional investors adjusted positions after SoFi rolled out spot cryptocurrency trading to retail customers. Recession worries have pressured fintech valuations, producing mixed analyst views and cautious optimism. SEC filings show some asset managers increased Q3 stakes. SoFi launched an AI-focused actively managed ETF, rolled out Level 1 options trading, and partnered with Lightspark to use blockchain for international money transfers. SoFi went public via SPAC in June 2021 after evolving from a student loan financier and scaling its Galileo platform to deploy broad financial services.
Read at 24/7 Wall St.
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