SoFi: No Cockroaches Here
Original article published on Nov. 28
- SoFi has fallen to new lows due to irrational fears surrounding the immaterial crypto business.
- The Biden Admin. extending the student debt moratorium by up to 6 months isn't problematic to the long-term business prospects.
- The stock trades at just 2x '23 sales estimates despite strong forecasts for 34% revenue growth next year following a year with 50% growth.
- This idea was discussed in more depth with members of my private investing community, Out Fox The Street. Learn More »
Over the last few weeks, SoFi Technologies () has been hit with attack after attack to the stock. The fintech faces limited impacts to the long-term business from the crypto business, loan losses and studentinvestment thesis
The only cockroaches are apparently the shorts. CEO Noto burned the shorts today buying $5 million worth of shares over the last few days at prices from $4.29 to $4.58.
- SoFi Technologies () shares gained in pre-market trading after the disclosure of a purchase of stock by CEO Anthony Noto.
- A Form 4 filing published on Tuesday revealed that Noto purchased $5M in common stock. The reported transactions were executed in multiple trades between Dec 9-13, 2022.