Just a year ago, SoFi was a hot stock that caught everyone’s attention with its bull rallies. But, 2022 has not been very kind to this company.
Since the beginning of this year SoFi stock has fallen more than 65%. More recently, this stock faced some excessive pressure with Fed’s continuing to increase the interest rate.
However, despite these macro headwinds, below are two reasons for which I believe that SoFi stock can still bounce back, and one should not give up on it yet.
Reason 1: Despite every headwind that this company faces, SoFi reported strong growth in members. The company reported an addition of more than 400K new members in Q3 of 2022 alone. This number represents 61% YoY growth and indicates that SoFi as a business will continue to grow in the coming months and years.
Reason 2: Not only did SoFi deliver strong growth in revenue, but it also increased its year-end revenue guidance by 1%. In the current market environment, that guidance revision is beyond impressive and signals SoFi as a FinTech company with things under control.
Let me know your thoughts on the above by commenting on the posted video!
