SOFI - SoFi Technologies: Higher For Longer Is A Boon Along With Fintech Diversification
2024-05-17 14:00:00 ET
Summary
- SoFi continues underperforming the wider market, thanks to the slower GAAP EPS profitability and the elevated short interest of 18.6%.
- Despite so, we are maintaining our Buy rating, thanks to its discounted valuations, growing deposit base/members, and accelerated top/bottom line growth compared to its peers.
- This is on top of SOFI's intensified efforts in the Lending and Financial Services segment and the higher for longer interest rate environment.
- With the stock currently retesting its H2'23 and H1'24 support levels of $7s, interested readers may want to observe its movement for a little longer before adding if this floor holds.
We previously covered SoFi Technologies ( SOFI ) in February 2024, discussing why we had maintained our Buy rating, with the online bank likely to continue generating excellent results as the management kickstarted the growth trend for the lending/ tech segment....
SoFi Technologies: Higher For Longer Is A Boon, Along With Fintech Diversification