SoFi Technologies, Inc. (NASDAQ: SOFI) has hit a new 52-week high at $10.49. This marks a major turnaround for the company, which has seen its value rise significantly over the past year. Investor confidence in SoFi’s growth and strategies has led to this increase, supported by a 38.13% rise in its associated entity, Social Capital Hedosophia V.
Recently, SoFi announced record Q2 2024 earnings with adjusted net revenue of $597 million, a 22% increase from the previous year, and a net income of $17 million—its third consecutive quarter of profitability.
SoFi also secured a $2 billion loan platform partnership with Fortress Investment Group, aimed at enhancing its loan capabilities and diversifying revenue. Keefe, Bruyette & Woods has set a Market Perform rating and a $7 price target for SoFi, indicating a steady outlook.
Additionally, SoFi partnered with PrimaryBid Technologies to launch a new share platform for easier access to IPOs, streamlining the capital-raising process.
Despite these successes, SoFi is cautious about expanding personal loans due to potential economic challenges.
InvestingPro Insights
SoFi’s stock is trading close to its 52-week peak, with a 26.46% increase in the past month and a 36.28% rise over three months. Revenue growth is strong at 30.3% over the last year. Analysts predict that SoFi is likely to become profitable this year, contributing to positive investor sentiments. InvestingPro offers further insights for those looking for a deeper analysis of SoFi’s financial health.
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