Tag: Doubling

SoFi (NASDAQ:SOFI), the innovative online personal finance company with remarkable growth potential, has been brutalized lately. The company’s stock price crashed below its post-IPO lows during the recent selloff and is still off by about 70% from its ATH. However, despite the growth scare-induced declines, SoFi’s business remains highly attractive, should continue to expand rapidly, and will likely become increasingly profitable as the company advances. I recently doubled down on my position in SoFi, and the company remains a top growth pick for 2022 and beyond.

SoFi 1-Year Chart

Technically, SoFi’s stock made a bearish double top around $25. Moreover, the second hump occurred during the Nasdaq’s November blowoff top, and it’s been downhill for SoFi ever since. Unfortunately, SoFi is relatively new to public markets, and the company doesn’t have sustainable earnings power yet. Therefore, it was relatively easy to knock the company’s stock down. However, the bottom probably got put in below $8.

SoFi: The Future of Banking

SoFi is arguably the future of finance. With SoFi, you receive access to lending, investing, cryptocurrency trading, banking, credit score monitoring, insurance, and more. Furthermore, many of SoFi’s services are either low cost or no cost, an attractive alternative to more traditional banking/finance options. As we advance, more individuals should take advantage of SoFi’s convenient and low-cost services, which is why the company should continue to grow and expand in future years. Also, SoFi appears to be the leader in its space, which provides the company with the first-mover advantage in the online personal finance space.

SoFi’s Valuation Check

At $9.50 a share, SoFi’s market cap is approximately $7.6 billion. However, when the stock hit a low of around $7.50, the company’s market cap was only about $6 billion. SoFi is