"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 1.3% higher than it was a week ago, and shares are trading near an all-time high. The share price is up 68.6% year to date, outperforming the S&P 500. SoFi's one-year gain is 255.1%."
"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 targets aggressive growth, aiming for 30% member expansion and 20% revenue growth. Shares have surged, rising 68.6% year-to-date and 255.1% over the past year, trading near an all-time high. Recession concerns have affected fintechs, with some prominent investors buying and others selling, while brokerages offer mixed ratings and price targets. SoFi expanded its partnership with Capitalize for 401(k) transfers and extended a $2 billion loan platform agreement with funds managed by Fortress affiliates. The company has explored re-entering crypto and blockchain and was added to the MSCI ACWI Index. SoFi began as a student-loan firm and went public via a SPAC.
Read at 24/7 Wall St.
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