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SoFi Technologies, Inc. (SOFI) Stock Rising in the Afterhours, Here’s What you Should Know.

SoFi Technologies, Inc. (SOFI) is engaged in business and financial activities via digital platforms. The company provides a loan platform for its wide variety of customers including students, auto loans, mortgage loans, home loans. The company also provides insurance services for homeowners, renters, and automobiles.

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The price of SOFI stock during the regular trading on January 18, 2022, was $12.6 with a significant decline of 8.64%. At last check in the aftermarket, the stock was up by 16.67%.

SOFI: Events and Happenings

On January 18, 2022, SOFI reported about the approval of its application for a Bank Holding Company through its proposed purchase of Golden Pacific Bancorp, Inc. the approval was given by the Office of the Comptroller of the Currency and the Federal Reserve.

SOFI: CEO Comments

Speaking at the occasion, SOFI CEO Anthony Noto said that the milestone uplifted the company’s status to support a greater number of people get their money right and achieve their goals. He further added that by coming under the category of the national bank, the company enhanced its financial product portfolio to ensure the efficient accommodation of the company’s customers.

On December 15, 2021, SOFI reported the closure of the redemption of certain outstanding warrants for the acquisition of its common stock shares, at the exercise price of $0.0001 per share. Additionally, SOFI also reported the closure of the redemption of the outstanding warrants for the acquisition of Common Stock issued in a private placement under the Warrant Agreement.

On November 19, 2021, SOFI reported the Redemption Fair Market Value in relation to the company’s already announced redemption of its outstanding Warrants. It will be used to regulate the shares number of its common stock at an exercise price of $0.0001 per share.

On November 15, 2021, SOFI reported 50 million shares secondary offering of the company’s common stock by the Selling Shareholders. The offering consists totally of its common stock shares and no change in the number of outstanding shares of its common stock was observed.

On November 11, 2021, SOFI reported that the company’s Executive management presented at the following investor conferences: Virtual Citi’s 2021 FinTech Conference on November 17, Virtual 45th Nasdaq Investor Conference in association with Morgan Stanley on November 30, 25th Annual Credit Suisse Technology Conference on December 1 and Virtual 5th Annual Wells Fargo TMT Summit on December 2, 2021.

SOFI: Key Financials

On November 10, 2021, SOFI reported its financial results for the third quarter ended September 30, 2021. Some of the key points are as follows

Revenue

Total net revenue for Q3 2021 was $272 million compared to $200.7 million for Q3 2020.

Net Loss per Share

Basic and diluted net loss for Q3 2021 was $30 million or $0.05 per share compared to $42.8 million or $0.70 per share for Q3 2020.

Conclusion

The stock of SOFI is although 20% down as compared to the last six months primarily due to restrictions put by the pandemic on the economic growth. The company gained momentum in the current aftermarket possibly due to its recent regulatory approval to become a national bank. The analysts are of the view that this step will play a pivotal role in the upbringing of the stock price despite the challenges faced by the company.

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