Why SoFi Rallied Today
Fintech stock SoFi Technologies (NASDAQ: SOFI) rose roughly 4.9% today, as of 3:36 p.m. EDT, greatly outpacing the market's gains.
SoFi is one of the more controversial and interesting stocks in the fintech world. It's run by a highly regarded executive in Anthony Noto. And it tends to target borrowers who attend graduate school, with a high likelihood of making high incomes during their lifetimes.
However, the company is still losing a fair amount on its bottom line on a generally accepted accounting principles (GAAP) basis. So it's been crushed this year as higher interest rates led to a repricing of growth stocks, then fears over a potential recession hit all financial and fintech stocks.
Source Fool.com
