SoFi Technologies Inc
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Financials : Consumer Finance | Mid Cap Growth
Company profile

SoFi Technologies, Inc., formerly Social Capital Hedosophia Holdings Corp. V, is a member-centric, digital financial services company. The Company allows members to borrow, save, spend, invest and protect their money. The Company has developed a financial services platform to offer products to members and meet their financial needs. The Company operates through three segments; Lending, Financial Services, and Technology Platform. Its Lending segment offers multiple loan products, such as student loans, personal loans and home loans. Its Financial Services provides financial service solutions, including cash management and investment services across its SoFi Money, SoFi Invest, SoFi Credit Card and SoFi Relay products. Its Technology Platform operates Technology Platform Services (Galileo) and Clearing Brokerage Services (Apex). The Company's mobile application is available on iOS and Android.

Premarket

Last Trade
Delayed
$16.90
0.28 (1.68%)
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Market Hours

Closing Price
$16.62
Day's Change
0.00 (0.00%)
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Volume
(Light)
Volume:
34,622

10-day average volume:
35,849,439
34,622

SoFi is the 'fastest growth story in consumer finance,' analyst says as stock pops

8:38 am ET October 12, 2021 (MarketWatch)
Print

By Emily Bary

Sofi stock jumps as much as 14% after Morgan Stanley analyst sets $25 price target, cheers opportunities in student loans and banking

Shares of SoFi Technologies Inc. surged as much as 14% higher in Monday trading after Morgan Stanley analyst Betsy Graseck weighed in with an upbeat view of the stock.

Graseck initiated coverage of SoFi (SOFI) shares with an overweight rating and $25 price target, calling the company the "fastest growth story in consumer finance" with a "leg up" on rivals even as competition heats up among "neobanks" looking to woo younger customers.

SoFi has taken a unique approach to winning over millennial and Gen-Z customers, according to Graseck. While some rivals have begun with payment products and then tried to sell their customers on lending offerings after securing a relationship, SoFi has been building out its lending suite for more than a decade.

Lending is "arguably the most difficult and expensive consumer finance offering," Graseck wrote, so SoFi has advantages stemming from underwriting expertise, brand reputation, and customer service.

Graseck expects that SoFi will see student-loan volumes "sharply ramp" in the near term as the government's deferment program expires. Student lending "for now remains SoFi's largest revenue driver," but the federal moratorium has weighed on its stock, she argued.

"We believe the potential for positive guidance revisions on the back of this fast-approaching forbearance end date in 4 months provides an opportunity for investors to enter the stock now before it breaks out of the range of the past six months," Graseck continued.

Sofi shares have added 4% over the past six months as the S&P 500 has risen 6.4%.

She is also upbeat about SoFi's pending bank charter. The company announced in March that it planned to acquire a small community bank, which was expected to speed up its process of getting approved for a bank charter, and Graseck sees opportunities for the company once its formally gets its charter.

"This alone could boost total revenues by 10% in its first full year given benefits to [net interest margin," Graseck wrote, though she has only incorporated the approval into her bull-case model. Approval "would be incremental to both our base case as well as consensus," she continued.

-Emily Bary

	

(END) Dow Jones Newswires

October 12, 2021 08:38 ET (12:38 GMT)

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