SoFi'ss diversified business has helped the company weather changes in lending trends, and those ebbs and flows will be on display again Monday morning.
SoFi Technologies Inc.’s diversified business has helped the company weather changes in lending trends, and those ebbs and flows will be on display again when the neobanking company reports earnings Monday morning.
As the student-loan moratorium has weighed on the company’s student lending business and as rising mortgage rates have dampened interest in home loans, SoFi SOFI has turned elsewhere for big growth.“Within originations, we see growth coming mostly from the personal loans segment offsetting the suppressed student and home loan segments,” Jefferies Group analyst John Hecht wrote in a late-April note to clients.
Of the 16 analysts tracked by FactSet who cover SoFi’s stock, nine have buy ratings and seven have hold ratings, with an average price target of $7.68. “Having said that, we will be looking for an update from SOFI alongside Q1 earnings on banks’ appetite for their personal lending paper given broader industry pressures on capital/funding as we estimate banks have been a significant source of buying capacity for SOFI loans over the past several years,” Perito added.Jefferies’ Hecht will also be looking out for trends with SoFi’s platform revenue, including from its Galileo business, which lets companies build financial services offerings.
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