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SOFI Technologies, Inc. is an online personal finance company. They provide a range of lending and wealth management services. At the time of this post, they are trading at about $23.65. They released earnings for Q3 on November 10. They reported Revenue of $272.01 million for the 3rd quarter of 2021 which is a 35.5% increase from the same prior-year period. SoFi beat estimates by $16.38M. Furthermore, they added 377,000 new members which is the second-highest quarterly increase in the company's history. That being said, SoFi looks to be a potential buy. Not convinced yet? Here are some other reasons why I believe SoFi is a good company to buy into.
If you've made it this far into this post you're probably asking yourself, Are there any risks involved with investing in this company? Like any investment, there is always a risk. Despite the fact that SoFi reported a strong quarter, they need to show that they can keep up their strength. The stock continuing to go up will be contingent on continued success and an increase in profitability over the future quarters. That being said, I wouldn't say this is a strong buy, but a potential one. It could be a great buy if it dips again. However, This company is currently trading at reasonable multiples.
Thanks for reading everyone! If you have any questions let me know in the comments below or feel free to message me! I hope this helped you figure out whether or not to buy into SoFi. Also, feel free to check out my profile and see the analysis I did on Digital Turbine AKA $APPS. You will definitely learn something from it!