"SoFi Technologies Inc.'s ( NASDAQ: SOFI) chief executive officer stated at a conference last year that the fintech company is targeting 30% member growth and 20% revenue growth. Its stock traded 6.2% lower than a week ago, ahead of its latest quarterly report. But earnings did top Wall Street expectations, and the CEO called the results exceptional. Before the post-report rally, the share price was up 8.8% from six months ago, underperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 52.4%."
"Worries about recession had an impact on fintech stocks like SoFi last year. Some analysts see it as having a steep premium, while others anticipate decades of growth potential. The overall sentiment could be described as cautious optimism. SEC filings revealed that some asset management firms increased their stakes in SoFi in the second half of the year. SoFi has been exploring re-entry into the crypto and blockchain space."
SoFi Technologies targets 30% member growth and 20% revenue growth. Recent earnings topped Wall Street expectations and were called exceptional by the CEO. The stock traded 6.2% lower than a week prior to the quarterly report and had risen 8.8% over six months, underperforming the S&P 500 and Nasdaq, while posting a one-year gain of 52.4%. Recession worries pressured fintech stocks and prompted mixed analyst views about valuation versus long-term growth. Institutional filings show increased stakes by some asset managers. SoFi is exploring re-entry into crypto and blockchain, launched an AI-focused actively managed ETF, and partnered with Lightspark. The company went public via a SPAC at $10 and scaled through the Galileo acquisition.
Read at 24/7 Wall St.
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