SOFI - Forget Upstart Stock: 2 Stocks to Buy Hand Over Fist Instead
2024-01-27 05:50:00 ET
The saga of Upstart Holdings (NASDAQ: UPST) continues to play out against the backdrop of high interest rates and investor enthusiasm. It has been a highly volatile stock, with fans excited about its long-term opportunities and detractors still waiting for signs that Upstart has a viable business model.
In the past year or so, Upstart has reported sharp revenue declines and net losses. While it tries to get itself back together and wait for interest rates cuts, you might want to consider other financial sector stocks that are demonstrating growth and resilience despite the economic climate. Ally Financial (NYSE: ALLY) and SoFi Technologies (NASDAQ: SOFI) are both also feeling the macroeconomic headwinds, but they're moving on clear growth paths. Plus, they both have incredible long-term prospects.
Ally is a medium-sized bank that gained higher recognition when Berkshire Hathaway took a position in it in 2022. It was originally the finance arm of General Motors , and it was only spun off as its own company in 2010, with an initial public offering in 2014. Auto loans remain a robust segment of its business, and Doug Timmerman, president of dealer financial services, is taking over as chief executive officer at the end of this month.
For further details see:
Forget Upstart Stock: 2 Stocks to Buy Hand Over Fist Instead