SOFI - Where Is SoFi Heading in 2024? 3 Bold Predictions for Investors
2023-12-13 06:32:00 ET
SoFi (NASDAQ: SOFI) has been one of the best performing stocks of 2023. Despite the overall financial sector dramatically underperforming the S&P 500 index, SoFi's stock is up by 72% for the year as of Dec. 12.
It's not difficult to understand why the banking disruptor has performed so well for investors. The results from the business continue to exceed expectations quarter after quarter. Through the first three quarters of 2023, SoFi added more than 1.7 million members, the number of financial services products used by its members increased 50% year over year in the third quarter, and the company is expecting to reach profitability for the first time in the fourth quarter.
However, SoFi could be just getting started. It is showing its capabilities as a true banking disruptor -- not only serving niches like high-yield savings or low-cost personal loans but becoming a complete replacement for a branch-based banking relationship. With this in mind, here are three bold predictions I have for SoFi as we head into 2024.
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Where Is SoFi Heading in 2024? 3 Bold Predictions for Investors