"SoFi Technologies Inc.'s ( NASDAQ: SOFI) chief executive officer recently stated at a conference that the fintech company is targeting 30% member growth and 20% revenue growth. The share price is 6.4% lower than it was a week ago, pulling back from a recent all-time high. The stock is up 58.9% year to date, outperforming the S&P 500. SoFi's one-year gain is 226.3%."
"Worries about recession have had an impact on fintech stocks like SoFi. While Jim Cramer has been talking up the stock, Cathie Wood has sold millions worth of shares. J.P. Morgan recently reiterated its Neutral rating, but Citigroup maintained a Buy rating and has a $28 price target. 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."
SoFi Technologies is targeting 30% member growth and 20% revenue growth while pursuing product expansion and technology scaling. The share price recently pulled back 6.4% from a high, yet the stock remains up 58.9% year to date and 226.3% over one year. Recession worries have pressured fintech valuations amid divergent investor actions and mixed analyst ratings, including J.P. Morgan Neutral and Citigroup Buy with a $28 target. SoFi expanded its Capitalize 401(k) transfer partnership, secured a $2 billion extension for its Loan Platform Business with Fortress-affiliated funds, is exploring crypto and blockchain re-entry, and was added to the MSCI ACWI Index. The company evolved from student loan origins, went public via a SPAC in June 2021, and scaled capabilities after acquiring Galileo.
Read at 24/7 Wall St.
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