"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 is trading for 8.6% less than a week ago, despite a strong third-quarter earnings report that included record growth. However, the share price is up 113.4% from six months ago, outperforming the S&P 500 and Nasdaq."
"Worries about recession have had an impact on fintech stocks like SoFi. 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 Technologies targets 30% member growth and 20% revenue growth as part of its consumer-financial platform expansion. The stock dropped 8.6% in the past week despite record third-quarter results, while advancing 113.4% over six months and 130.0% over one year, outperforming major indexes. Recession concerns have pressured fintech valuations, and analysts remain divided between valuation premiums and long-term growth potential. SEC filings show some asset managers increased stakes in the third quarter. Product moves include an AI-focused actively managed ETF, Level 1 options rollout, a Lightspark blockchain partnership for transfers, and exploration of crypto re-entry. Public listing occurred via a SPAC on June 1, 2021, following the Galileo acquisition to accelerate product deployment.
Read at 24/7 Wall St.
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