"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 trading for 2.9% less than a week ago, after SoFi launched a fully reserved U.S. dollar-backed stablecoin. Note that the share price is still up 71.2% from six months ago, far outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 72.5%."
"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 during the third quarter. SoFi has been exploring re-entry 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."
SoFi Technologies targets 30% member growth and 20% revenue growth while pursuing product and market expansion. The company launched a fully reserved U.S. dollar-backed stablecoin and its shares have risen more than 70% over six months and roughly 72.5% over one year. Macroeconomic worries weighed on fintech valuations, producing cautious optimism and prompting some asset managers to increase stakes. Product initiatives include an AI-focused actively managed ETF, Level 1 options trading for Invest members, and a Lightspark partnership to use blockchain for international transfers. SoFi began as a student loan lender, went public via SPAC in 2021, and scaled through the Galileo acquisition.
Read at 24/7 Wall St.
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