SoFi Technologies (NASDAQ: SOFI) recently shifted from a hyped-up growth stock to a profitable fintech powerhouse. Some investors took their gains as SoFi reached its goal of profitability, and SoFi stock is down 30% this year. It's now trading below $7 and close to its lowest-ever levels. Is SoFi stock ever going back up? Or should you avoid it?

SoFi is an all-digital financial services app that offers lending, banking, and other services. It gained renown for its easy-to-use interface and low-fee lending products, and it leveraged its popularity to launch a comprehensive financial services business that addresses many consumer pain points. It has become incredibly popular, resonating with its young professional and millennial cohorts, and membership has been soaring. Member count and product count both increased 35% year over year in the 2024 first quarter.

Image source: SoFi Technologies.

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Source Fool.com