Should You Buy the Dip in SoFi Technologies Under $20?
StockNews
Published Dec 06, 2021 12:22PM ET
Updated Dec 06, 2021 01:30PM ET
Should You Buy the Dip in SoFi Technologies Under $20?
Personal finance start-up SoFi Technologies (SOFI) went public through a reverse merger on June 1, 2021. However, the stock’s price has since slumped. But, with a favorable revenue growth outlook, is SOFI an ideal investment now? Read more to find out.Personal finance company SoFi Technologies, Inc. (SOFI), which is headquartered in San Francisco, went public on June 1, 2021, through an SPAC deal with blank check company Social Hedosophia Corp V. The merged company has a $8.65 billion (including debt) valuation. The stock gained 4.22% in price on its first day of trading. However, the stock has lost 24.6% since then to close Friday’s trading session at $15.19.
SOFI is a major competitor of Robinhood Markets Inc. (NASDAQ:HOOD). In fact, Social Hedosophia Founder and CEO Chamath Palihapitiya has criticized HOOD on several occasions and suggested that users delete the Robinhood app and replace it with SOFI.
However, HOOD has maintained its leading position in the financial and capital markets, with an 18.90 million monthly active user base, as of September 2021.
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