"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 5.9% higher than it was a week ago, and shares are trading near an all-time high above $28. The share price is up 82.5% year to date, outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 246.6%."
"While Jim Cramer has been talking up the stock, Cathie Wood has sold millions worth of shares. Mizuho and Needham have reiterated their Buy ratings, with price targets of $31 and $29, respectively. SoFi recently announced the launch of a new, actively managed exchange-traded fund (ETF) focused on artificial intelligence. It also announced a partnership with Lightspark to leverage blockchain technology for international money transfers. The company has been exploring re-entering the crypto and blockchain space. Its 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 Technologies aims for 30% member growth and 20% revenue growth. The stock is trading above $28, up 82.5% year-to-date and 246.6% over one year, outperforming the S&P 500 and Nasdaq. Recession worries have affected fintech, with Jim Cramer promoting the stock while Cathie Wood sold millions of shares. Mizuho and Needham maintain Buy ratings with $31 and $29 price targets. SoFi launched an actively managed AI-focused ETF and partnered with Lightspark for blockchain-based international transfers while exploring re-entry into crypto. SoFi went public via a SPAC on June 1, 2021, and scaled its Galileo platform.
Read at 24/7 Wall St.
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