The Market Just Made a Big Mistake About SoFi. Here's Why
SoFi Technologies (NASDAQ: SOFI) stock's decline has got to be one of the biggest disappointments of the year. It came into 2024 on a high, having more than doubled last year and with the company sporting profitability for the first time.
It continues to report strong growth, and it posted its third straight quarterly profit, but SoFi stock is down more than 20% this year. The market is making a mistake, and you can benefit from the stock drop before the market gets clued in.
SoFi is a full financial services platform that offers lending services, banking products, and more on its digital app. It has no physical branches, and it targets the student and young professional population. This cohort appreciates a digital, consumer-focused experience. SoFi is attracting millions of members who are looking for a better product, and since these customers skew younger, it has a long growth runway as this market matures and increases engagement with SoFi's platform.
Source Fool.com
