Fintech SoFi reached an agreement with Fortress Investment Group to connect pre-qualified borrowers with loans.
If SoFi gets these businesses working, the stock could fly.
Trends are moving in its favor.
SoFi (SOFI) stock price has staged a strong comeback in the past few weeks as investors focus on the Federal Reserve and the recently-started earnings season. It soared to a high of $9.01, its highest level since March 4th, and 50% above its lowest level in August.
In the closing of the recent trading day, SoFi Technologies, Inc. (SOFI) stood at $8.63, denoting a +0.47% change from the preceding trading day.
SoFi technologies wants to become a comprehensive financial services company.
SoFi's member base grew by over 40% YoY in 2023, demonstrating strong retention and cross-selling power. The ratio of financial services to lending products increased from 2.7x (2021) to 6.2x (2024), boosting lifetime value. Recent earnings showed SoFi consistently beating EPS estimates, with 11 upward revisions in the last 90 days.
I maintain a "Buy" rating on SoFi Technologies due to its robust growth potential and unique personal finance-focused business model. SoFi has consistently beaten consensus forecasts, with Q1 and Q2 results surpassing expectations, driving positive stock performance. Despite its seemingly high valuation, I believe SoFi's growth in deposits will continue to fuel business expansion in upcoming quarters.
From a technical perspective, SoFi Technologies, Inc. (SOFI) is looking like an interesting pick, as it just reached a key level of support. SOFI's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.
The market can stay irrational longer than you can stay solvent.
Not all of her investment picks are expensive.