"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 7.1% lower than it was a week ago, ahead of the upcoming earnings report and on mixed analyst sentiment. The share price is still up 68.6% year to date, outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 233.4%."
"SoFi has been exploring re-entering 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 made its public debut on June 1, 2021, through a merger with a special purpose acquisition company (SPAC), Social Capital Hedosophia Holding Corp. V. Before the merger, the company's original name was Social Finance. It started as a student loan financing firm before expanding into loans, mortgage products, and other financial products. After the SPAC acquisition, SoFi was equipped with substantial capital to enhance its technology stack to better scale its 2020 acquisition of Galileo."
SoFi aims for 30% member growth and 20% revenue growth while pursuing product expansion and technology initiatives. The stock fell 7.1% over the prior week but remains up 68.6% year-to-date and 233.4% over one year. Analysts are divided: Morgan Stanley kept an Underweight rating while raising a $18 price target, and Mizuho set a street-high $31 target. SoFi is exploring a return to crypto and blockchain, launched an AI-focused actively managed ETF, rolled out Level 1 options trading for SoFi Invest members, and partnered with Lightspark for blockchain international transfers. Third-quarter earnings are expected in late October. The company went public via a SPAC on June 1, 2021, evolved from a student loan lender, and scaled capabilities through its 2020 Galileo acquisition.
Read at 24/7 Wall St.
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