SoFi (NASDAQ:SOFI) stock beat estimates on second-quarter earnings and raised its guidance .
The stock did not react much, up about 2% as of writing.
SoFi, an online bank and brokerage, is expected to open this morning at about $7.50 per share, a market capitalization of $7.8 billion on expected full-year revenues of $2.2 billion.
Why No Reaction?
It’s possible that SOFI stock will rise sharply after the market opens. The numbers were good in what management called
SoFi said it earned for the quarter ending June 30. CEO Anthony Noto described the quarter as “exceptional,” projecting earnings of 4 cents per share in the current quarter.
Analysts expected a break-even quarter and revenue of just $565 million.
SoFi began as a lender focused on refinancing student loans. This expanded into personal loans and home loans. Now, the company wants its financial services and technology to power growth, and they were up 46%. Personal loans were up just 5%, but .
Analysts at JPMorgan Chase were . Tipranks counts 16 analysts following the stock, . Traders at Stocktwits are generally .
Some traders are now trying to bang the drum for the stock. A Stocktwits member called Titan Traders called the revenue, earnings, and guidance raises
SoFi has a high public profile, in part because its name is on the stadium used by the Los Angeles Rams and Chargers. CEO Noto was formerly the Chief Financial Officer of the . He signed the naming rights deal to emphasize SoFi’s national footprint.
SOFI Stock: What Happens Next?
SOFI stock continues to sell below the special purpose acquisition company (SPAC) price of $10 per share it had before it came public .
On the date of publication, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
