SoFi Technologies (NASDAQ: SOFI) was riding high last year as a business, demonstrating incredible growth despite elevated interest rates that were sinking many banks' stocks. Management confidently promised that it would report a net profit in the fourth quarter, and it came through on that promise.

But after more than doubling in 2023, SoFi stock saw a partial sell-off after recently reporting another excellent, much-anticipated quarterly report. The stock remains down 26% so far in 2024. Are investors missing something?

SoFi started as a student loan cooperative, but it now offers a complete suite of financial services on its all-digital banking operation. Its app interface offers bank accounts, investing tools, and more.

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Source Fool.com