{"id":21860,"date":"2023-06-13T03:07:44","date_gmt":"2023-06-13T07:07:44","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/sofi-is-just-getting-going-the-stock-is-rising\/"},"modified":"2023-06-13T03:07:45","modified_gmt":"2023-06-13T07:07:45","slug":"sofi-is-just-getting-going-the-stock-is-rising","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21860","title":{"rendered":"SoFi Is Just Getting Going. The Stock Is Rising."},"content":{"rendered":"
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\n SoFi Technologies
\n stock was gaining Monday after the financial services company snagged a price target raise from analysts who believe it is just getting going.\u00a0<\/p>\n

\n Truist
\n Securities analysts led by Andrew Jeffrey maintained their Buy rating and lifted their price target on shares of
\n SoFi
\n (ticker: SOFI) to $11 from $8 in a Monday report.\u00a0<\/p>\n

\n

Last month, Truist initiated coverage of SoFi at Buy, calling it the future of U.S. banking. The company began as a lender focused on refinancing student debt, and its acquisition of Technisys SA last year helped transform it into a full-service bank.<\/p>\n

SoFi stock climbed 11% to $9.06 in Monday trading, and so far this year, it has gained 96%. That being said, analysts have mixed views on the company\u2014of those surveyed by FactSet in June, 53% rate it at Buy, 41% at Neutral, and 6% at Sell.<\/p>\n

\u201cAlthough still controversial, we believe SoFi\u2019s efforts to educate investors about its strategy, liquidity, fair value accounting, financial model and credit quality are paying dividends,\u201d Truist analysts wrote.\u00a0<\/p>\n

They believe the stock\u2019s recent strong performance illustrates growing appreciation for the opportunity to snap up deposit share and channel that liquidity into high return-on-equity loans. Debt ceiling legislation ending the pause on student loans is also viewed as a positive.\u00a0<\/p>\n

On May 1, SoFi posted a narrower-than-expected net loss for its first quarter, but investors seemed to take its stellar first-quarter personal loan origination numbers as a warning of losses going forward, according to one analyst, and shares tumbled 12% that day, according to Dow Jones Market Data.\u00a0<\/p>\n

And in a 10-Q filed last month, the company wrote that if it isn\u2019t able to achieve profitability in 2023 as anticipated, it may raise additional capital in the form of equity or debt. Truist analysts aren\u2019t concerned, writing they believe the company will notch a small profit in its fourth quarter. They think the company is approaching a critical profitability inflection point.<\/p>\n

Analysts also highlighted potential in student loans, adding that SoFi stands to benefit from the large bank deposit loss, citing its app, small size, and high interest rates on savings accounts.<\/p>\n

Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SoFi Technologies stock was gaining Monday after the financial services company snagged a price target raise from analysts who believe it is just getting going.\u00a0 Truist Securities analysts led by Andrew Jeffrey maintained their Buy rating and lifted their price target on shares of SoFi (ticker: SOFI) to $11 from $8 in a Monday report.\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":21861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-21860","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nSoFi Is Just Getting Going. 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