Several fintech stocks, beaten down last year, are soaring, primarily propelled by improving macroeconomic conditions and tempering inflationary pressures. SoFi Technologies, Inc. (SOFI) shares have registered impressive gains this year, surging 97.2% year-to-date.
However, with a beta of 1.72, the stock may continue to exhibit substantial volatility in the near term. Moreover, earlier this month, Morgan Stanley analyst Jeffrey Adelson downgraded the rating on SOFI to Underweight. According to Adelson, SOFI looks “increasingly like a bank” and should be valued like one.
