"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 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 is pursuing aggressive growth, targeting 30% member growth and 20% revenue growth. The share price has climbed 82.5% year-to-date and 246.6% over one year, trading near an all-time high above $28 and rising 5.9% from a week earlier. Recession worries have affected fintech names while some high-profile investors have mixed positions and analysts Mizuho and Needham maintain Buy ratings with $31 and $29 targets. SoFi launched an actively managed AI-focused ETF, partnered with Lightspark for blockchain international transfers, has explored re-entering crypto, and expects third-quarter earnings in late October after scaling Galileo post-SPAC.
Read at 24/7 Wall St.
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