Daily Stock Pick: July 29th, 2021

While most industries suffered significantly amid the pandemic, the fintech space thrived.  And thanks to the spread of the hyper-contagious variant, rising infection rates in several countries could spur demand for fintech solutions for the foreseeable future.  Beyond that, fintech adoption is likely to stick in a post-pandemic world as many consumers have found that they prefer the convenience offered by these cashless solutions.  According to the ExpressWire report, the fintech market is expected to grow at an 8.6% CAGR between 2021 – 2024.

Today’s trade alert highlights a financial service provider that is well-positioned for success as the adoption of fintech solutions spreads like wildfire around the globe.  


San Francisco based SoFi Technologies, Inc. (SOFI) operates through its financial services and technology platform.  The company offers student loans, personal loans for debt consolidation and home improvement projects, and home loans. It has been expanding its portfolio of offerings in the wake of the pandemic.  

So far, SoFi users have seemed to like the offering expansion.  In Q1, which ended March 31st, the company reported that user growth had increased 110% year-over-year to 2.8 million.  What’s more, the total products used increased by over 120% in the same time period.  Plus, the company noted that multi-product members were growing at almost 100% YOY in their investor presentation.  All of this shows  SoFi users are starting to expand usage to more than one product, which is a testament to their loyalty and stickiness to the platform.

Last month the company launched a brand new loan program aimed at making things easier for the borrower.  SoFi’s CEO, Anthony Noto commented, “We’re always looking for new and creative ways to help people pursue their path toward financial independence.  This is another example of how we’re supporting members in getting their money right.” 

For its fiscal year 2022, analysts expect SOFI’s revenue to increase 51.8% year-over-year to $1.49 billion.  In addition, its EPS is expected to grow 63% in its fiscal year 2022.  SoFi also has enormous growth projections that, if investors believe management can achieve them, would price SoFi relatively cheap when looking at forward valuation.

Considering the stock is down 40% from its all-time highs and down nearly 20% over the past month, investors could see this as an excellent opportunity to pick up some shares at a friendly price.  Wall Street analysts expect SoFi to hit $27.50 in the next 12 months, which indicates a potential 73.7% upside from its current price.  The company is scheduled to release second-quarter financial results on August 12th.

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