SoFi Technologies (SOFI 4.48%) provides numerous financial products like personal loans, credit cards, auto loans, and student loans. Today's video focuses on recent analyst upgrades affecting SoFi and on its most recent earnings. Here are some highlights from the video:
- On Sept. 22, an analyst upgraded SoFi to a price target of $25, causing the stock price to jump over 10%. One of the main reasons for the price target upgrade is SoFi's ability to cross-sell its products to current users.
- In August, SoFi reported its second-quarter 2021 earnings and saw 113% year-over-year growth in members, 123% YOY growth in financial products, 74% YOY growth in adjusted revenue, and 119% YOY growth in its Galileo accounts. SoFi continues to report strong growth in all its businesses, which is one of the main reasons investors are bullish on its valuation.
- In the past 30 days, SoFi's stock price has dropped to nearly $14 and has climbed to roughly $17. Investors should note that a company like SoFi will continue to see heavily volatile days. A long-term investment mindset usually provides strong returns in a portfolio, so if you're bullish in SoFi, you should be prepared for solid green days like today and red days in the future.
Click the video below for my full thoughts and analysis.
*Stock prices used were the midday prices of Sept. 22, 2021. The video was published on Sept. 22, 2021.
