"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 about the same price as a week ago, despite a strong third-quarter earnings report that included record growth. The share price is up 132.0% from six months ago, outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 158.8%."
"SEC filings revealed that some asset management firms increased their stakes in SoFi during the second 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. It also announced a partnership with Lightspark to leverage blockchain technology for international money transfers."
SoFi aims for 30% member growth and 20% revenue growth. The stock posted a 132% six-month gain and a 158.8% one-year gain despite recent flat weekly trading after record third-quarter growth. Recession worries have pressured fintech valuations and created cautious optimism among analysts with divergent views on valuation versus long-term potential. SEC filings show some asset managers increased stakes in the second quarter. SoFi is exploring crypto and blockchain re-entry, launched an actively managed AI ETF, rolled out Level 1 options trading, and partnered with Lightspark for blockchain international transfers. SoFi went public via a 2021 SPAC and scaled through the Galileo acquisition.
Read at 24/7 Wall St.
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