"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 popped 12.6% in the past week, ahead of the upcoming earnings report and on positive comments from Jim Cramer and others. The share price is up 149.8% from six months ago, outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 231.2%."
"However, worries about recession have had an impact on fintech stocks like SoFi. Morgan Stanley recently maintained an Underweight rating on the stock, though the firm did raise its price target to $18. Some analysts see it as having a steep premium, while others anticipate decades of growth potential. Mizuho has a street-high $31 price target."
"SoFi has been exploring re-entery into the crypto and blockchain space. It recently announced the launch of a new, actively managed exchange-traded fund (ETF) focused on artificial intelligence, as well as the rollout of Level 1 options trading for its SoFi Invest members. It also announced a partnership with Lightspark to leverage blockchain technology for international money transfers. The company's third-quarter earnings report is expected in late October."
SoFi's CEO set targets of 30% member growth and 20% revenue growth. The stock gained 12.6% in the past week and is up 149.8% over six months and 231.2% over one year, outperforming the S&P 500 and Nasdaq. Recession concerns have pressured fintech stocks, and Morgan Stanley maintained an Underweight rating while raising its price target to $18. Other analysts view the valuation as a steep premium, while some expect decades of growth; Mizuho's price target is $31. SoFi is re-entering crypto and blockchain, launched an AI-focused ETF, rolled out Level 1 options, partnered with Lightspark, and expects Q3 earnings in late October.
Read at 24/7 Wall St.
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