With a market cap of $24.2 billion, SoFi Technologies (SOFI) is a fintech company that provides banking, lending, investing, and financial planning services through a single app. SoFi reported an exceptionally strong second quarter, with explosive growth in member acquisition, revenue, profitability, and platform capabilities. After delivering seven consecutive quarters of profitability and doubling down on a diversified, capital-light revenue model, SoFi is giving investors more reason to believe in its long-term growth potential.
While SOFI stock has skyrocketed 52% year-to-date, compared to the S&P 500 Index’s ($SPX) modest gain of 8.7%, it is still down 7% from its 52-week high. Let’s find out if the stock is a buy now.
