Why SoFi Technologies Stock Was A Top Performer In June

SoFi Technologies Inc SOFI shares are trading lower Tuesday afternoon, pulling back from Monday’s 52-week peak potentially amid profit-taking

The fintech company's stock surged throughout June, propelled by strategic announcements and bullish growth projections.

What To Know: Last week, SoFi revealed its renewed cryptocurrency ambitions, planning to let members trade assets like Bitcoin and Ethereum later this year. The initiative will also feature crypto-backed loans and international money transfers.

CEO Anthony Noto confirmed blockchain innovations would be integrated across all SoFi business lines, from investing to borrowing and payments.

This move builds on strong momentum from earlier in June when executives reaffirmed aggressive growth targets. At the William Blair Growth Stock Conference, CFO Chris Lapointe projected adjusted net revenue will exceed $3 billion by 2025, with annual growth surpassing 25% through 2026.

Analyst Ratings: While Wall Street analysts have presented a range of views on SoFi Technologies in recent months, the overall sentiment leans towards a constructive outlook.

Recent activity highlights this mixed but generally positive perspective. On June 2nd, Truist Securities initiated its coverage with a Hold rating, setting a price target of $14 per share.

This followed a series of analyst updates on April 30th. Barclays maintained its Equal-Weight rating while increasing its price target to $12 from $11. On the same day, UBS reiterated a Neutral stance but lifted its price target to a range of $14.00 to $15.50.

In contrast, Needham expressed a more bullish view, reiterating a Buy rating and a $20 price target, suggesting a significant potential upside from current levels.

Price Action: According to data from Benzinga Pro, SOFI shares are trading lower by 2.9% to $17.68 Tuesday afternoon. The stock has a 52-week high of $18.92 and a 52-week low of $6.01.

How To Buy SOFI Stock

By now you're likely curious about how to participate in the market for SoFi Technologies – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.

In the case of SoFi Technologies, which is trading at $17.68 as of publishing time, $100 would buy you 5.66 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

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