Why SoFi Stock Skyrocketed 47% in November
SoFi Technologies (NASDAQ: SOFI) stock climbed 47% in November according to data provided by S&P Global Market Intelligence. The online bank gave investors renewed confidence in its loan segment along with an excellent third-quarter report at the end of October. It's also benefiting from positive investor sentiment based on lower interest rates and increased market enthusiasm about the economy after the presidential election.
SoFi has been a volatile stock since its initial public offering (IPO) a few years ago. It's exciting because it's disrupting traditional banking, and it's building relationships with a young, social-media-following clientele, but it was in the risky tech stock camp.
It's now proven itself by reporting four straight quarters of generally accepted accounting principles (GAAP) net income, and it's expecting that to continue into the future.
Source Fool.com
