The S&P 500 has been on fire, consistently reaching record highs and showcasing strong performance over the last two years. But when it comes to standout stocks, SoFi Technologies (SOFI 2.13%) has rocketed up by 261% since the beginning of 2023.
SoFi Technologies (SOFI -8.52%) has taken shareholders on a volatile ride. At its 52-week low in August, shares were 75% below their all-time high.
Shares of SoFi (SOFI -1.30%) have been on fire in 2024 in large part because the company's lending business is performing better than expected and its financial services arm is growing at around 100% per year. In this video, Travis Hoium shows why SoFi stock will continue to beat the market.
SoFi Technologies, Inc. (SOFI) concluded the recent trading session at $16.66, signifying a -1.3% move from its prior day's close.
Following the recent surge in SOFI shares, we assess the stock's current standing to decide the best strategy moving forward.
Are you looking for a new fintech name to add to your portfolio? It's certainly an area worth a look.
SoFi Technologies (SOFI -2.78%) is disrupting the financial services industry.
SoFi Technologies' (SOFI 2.20%) business has consistently grown since going public in 2020. You can't say the same about its stock price.
Every investor is looking for the next Apple or Nvidia. Putting even a small amount into either of those stocks when they were just starting out would be giving investors staggering results today.
I reiterate a "Buy" rating for SoFi Technologies due to its strong growth potential, combining traditional finance with fintech innovation, despite recent stock volatility. SoFi's impressive Q3 performance includes 35% YoY member growth, 30% revenue increase, and significant contributions from Financial Services and Tech Platform segments. Analysts' upward revisions and management's optimistic guidance suggest SoFi's continued outperformance, potentially leading to a fair value of $22.8/share, implying a 43.4% upside.
Accounts expanded from 109.7M in Q1'22 to 160.2M in Q3'24, driving a 69% revenue increase. Originations reached $4.9B in Q3'24, up 141% from Q1'22, showcasing competitive rates and credit analytics. 2024 adjusted net revenue is projected at $2.54B–$2.55B, with adjusted EBITDA forecasted to grow 49% YoY to $645M.
Recently, Zacks.com users have been paying close attention to SoFi Technologies (SOFI). This makes it worthwhile to examine what the stock has in store.