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SOFI TECHNOLOGIES INCSOFI TECHNOLOGIES INCSOFI TECHNOLOGIES INC

SOFI TECHNOLOGIES INC

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SOFI trade ideas

$SOFI Best Fintech Stock To Invest In?Coming out of its best quarter yet, SoFi Technologies, Inc. (NASDAQ: SOFI) appears to be set for another solid quarter in Q2 after the fintech quadrupled its market share of new account openings in the first half of the year. With SOFI planning to release its Q2 earnings earlier on July 31, SOFI stock could be set to continue running as the company could share good news regarding its profitability. SOFI Fundamentals Digital Banks and Fintechs Growth Following the collapses of several regional banks earlier this year, fintech platforms have been the biggest winners of this unfortunate catalyst – with SOFI at the forefront. Recently, Cornerstone Advisors released a study that showed that Americans are shifting from traditional and mega banks to digital banks and fintechs like SOFI, Chime, and PayPal (NASDAQ: PYPL). Digital banks and fintechs have captured almost half of all new checking accounts opened in 2023, with SOFI quadrupling its market share of accounts opened from 1% in 2020 to 4% in 2023, while Wells Fargo (NYSE: WFC) dropped from 8.1% to 3.5% in the same period. With this in mind, the trust in the banking sector could further deteriorate if more banks fail this year – especially with the Fed expecting 2 more rate hikes this year. In that case, SOFI could be on track to further increase its new account openings given its impressive portfolio of financial services. In addition to the declining confidence in the banking sector, the bulk of new accounts belongs to young consumers – with more than 72% of new checking accounts belonging to Gen Z and Millenials. That means that SOFI especially is well-positioned to see an increase in its market share as more young consumers are able to open new accounts. Q2 Earnings While SOFI normally reports its Q2 earnings around mid-August, the fintech powerhouse announced that it is going to release its Q2 2023 earnings earlier this year on July 31. SOFI bringing its Q2 2023 earnings forward could mean that it expects to report extremely positive earnings. In that case, SOFI stock could replicate the run it made earlier in June after the debt ceiling deal that saw the resumption of student loans in September, especially since the decision to post the Q2 earnings could be related to the company becoming profitable for the first time. Technical Analysis SOFI stock’s trend is bearish with the stock trading in a downward channel. Looking at the indicators, the stock is trading below the 50, and 21 MAs which are bearish indications, and is trading above the 200 MA which is a bullish indication. Meanwhile, the RSI is neutral at 43 and the MACD is approaching a bullish crossover. As for the fundamentals, SOFI’s upcoming Q2 earnings report on July 31 is a major catalyst since the company may report a profit for the first time thanks to the increase in its market share of new account openings. If SOFI successfully achieves profitability in Q2, the stock could replicate its earlier run in June and reach a new 52-week high. With the stock trading near support, the current SOFI stock price could prove to be a good entry for bullish investors. SOFI Forecast Digital banks and fintechs are currently gaining ground over traditional and mega banks, with SOFI quadrupling its market share of new account openings in the first half of 2023 compared to 2020. Furthermore, the announcement of earlier than usual earnings could mean that SOFI expects positive Q2 2023 earnings, which could see SOFI stock running, especially if SOFI achieves profitability way before the student loan payments resume. All of that makes SOFI stock one of the best fintech stocks to keep an eye on.
NASDAQ:SOFI
by Penny_Stocks_Today
1
$SOFI Powerful Move Incoming Trend lines are a timeless tool to use to get a clear picture of what has happened and what may be to come. These trend lines are situated to the close of the bars, not the highs. We have 13 touches on the bottom trend line and 9 at the top. The specific number does not matter, but it's definitely more than 2 or 3, so these areas are extremely important. We are near the apex of this move with $SOFI. I expect a large move one way or the other. However, I am betting long. I also see this as a cup with handle that has formed after a major breakout. I could be very wrong. We had the news on Friday with the SCOTUS decision on student loans (disclosure: I am a lawyer with student loans), that shook out many, but had a nice Monday with the short trading day. These cup with handles that form in bull markets after a major move are opportunities to participate in the next move, whether it be up or down. Always have that mindset that stock can move either way, just make sure to be on the side that is making you money. Peace.
NASDAQ:SOFILong
by jacobaraujo42795
3
SOFI pullback before 4th quarter explosionsofi is pulling back, as expected. note the volume profile. its moving towards a supply zone. insider selling is simply a sign of taking profits before next leg higher. big wigs be smart. note the indicators under the chart. the Shooting star doji aligned with the DMI signal indicator. All indicators are showing we will continue with a minor pullback. Looking to buy in the 7's. volume profile shows massive buying pressure in the rectangle. SOFI fundamentals are already in place and will only improve dramatically as student loan repayments resume. 4th quarter and into 2024 sofi will take the mantle as a top tier banking/financing company.
NASDAQ:SOFILong
by ChartsRus08
Is SOFI a buy or a sell?SOFi in the past month as shown on the 4H chart has run up more than 80% and now appears to be in a standard 50% Fibonacci retracement. Price has descended from two standard deviations above the mean VWAP to a single deviation after a Doji reversal candle on June 14th. The reversal was also marked by the RSI and the signal lines crossing at a reading of 93 and then descending. The price volume trend indicator went from green for increasing to a flat line and then red for decreasing. Overall, I believe that SOFI has nearly completed a retracement. I will watch for RSI to rise above 20 and the PVT to transition from red to green and the candles themselves for a bullish candle pattern or formation in order to ascertain an optimal long entry. I will do this on a 5 or 15 minute time frame chart to make the best assessment of that entry. My first target is $ 10.20 or just under the pivot high while the second target is $13.00 just under a support area a year ago on the weekly chart. Fundamentally, I believe that the reactivation of student loan repayments will have dramatic effects on SOFI's earnings.
NASDAQ:SOFILong
by AwesomeAvani
12
Sofi downgrades are undeserved. Pullback was due. Looking at a year chart on a daily time-frame we can see that SOFI had an epic rise. Partially due to short's covering their position, as well as some very large insider buying. Now that short covering has ended, and after a massive rally, SOFI has been due for a pullback. the value area outlined in the rectangle shows the expected pullback range/buy zone. SOFI became a profitable company despite their uphill battle against student loan pauses. Now that student loans are due to resume in august, I believe we will see a healthy rise back into the 10's or 11's by the time quarter 3 results hit. They already have a profitable business in place, and now that their original business purpose (student loans) is resuming in August, I believe we will see significant earnings repots/stock appreciation through 3rd and 4th quarter of 2023.
NASDAQ:SOFILong
by ChartsRus08
1