"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 5.7% higher than a week ago, despite concerns over the stability of the U.S. regional banking sector. The share price now is up 139.2% from six months ago, outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 169.5%."
"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. The company's third-quarter earnings report is expected in late October."
SoFi Technologies set targets of 30% member growth and 20% revenue growth. The share price rose 139.2% over six months and 169.5% over one year, with a 5.7% weekly gain despite regional banking concerns. Some analysts maintained an Underweight rating while raising price targets; others view the company as expensive or as having long-term growth potential. Product moves include exploring crypto and blockchain re-entry, launching an actively managed artificial intelligence ETF, rolling out Level 1 options trading, and partnering with Lightspark for international blockchain money transfers. SoFi debuted publicly via a June 1, 2021 SPAC merger and scaled via the 2020 Galileo acquisition. Third-quarter earnings are expected in late October.
Read at 24/7 Wall St.
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