Why SoFi Stock Skyrocketed 42% in October [Yahoo! Finance]
SoFi Technologies, Inc. (SOFI)
Company Research
Source: Yahoo! Finance
However, it finally wowed the market with its third-quarter results. SoFi has been reporting strong growth pretty much since it went public, but now it's also profitable. Its stock dropped in the previous bear market, and with its soaring growth rates, it was starting to look like a great deal. However, after doubling last year, the stock was dropping for most of 2024. On one hand, it was looking like an even better deal. But on the other hand, there was obviously something making investors think it was too risky, or a value trap Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free » It wasn't growth, which continues to come in at double-digit rates, and it wasn't profitability, which has been sustained and growing since the 2023 third quarter. No, it was interest rates. SoFi isn't your typical established bank. It's an all-digital bank with high growth rates and little net income, which is an anomaly on the bank scene. It's
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SOFI
News
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SOFI
Earnings
- 10/29/24 - Beat
SOFI
Sec Filings
- 11/22/24 - Form 4
- 11/19/24 - Form 4
- 11/15/24 - Form 144
- SOFI's page on the SEC website