SoFi Technologies reports Q2 earnings beat and raises full-year revenue guidance, driving analyst upgrades amid a 39% discount to 52-week highs.
SoFi Technologies (NASDAQ:SOFI) surged after Piper Sandler initiated coverage with an Overweight rating, citing record Q2 loan originations of $14.8 billion. The fintech firm reported EPS of $0.12, topping estimates of $0.1092, marking its fifth consecutive quarterly beat.
Shares remain 39% below the 52-week high of $32.73 but have climbed 8.29% in the past month. Management raised full-year adjusted revenue guidance to $4.75 billion-$4.85 billion, up from prior projections. Member growth accelerated 35% YoY to 15.8 million, with 51% of new products cross-sold to existing users.
SoFi’s market cap of $23 billion lags rival Robinhood’s $75 billion, despite comparable growth metrics. Analysts see upside to $21, a 17.3% increase from the current $17.89 price.