SoFi stock once dropped 82% before soaring 650% about three years later to reach new highs, but it now sits 54% below that peak after just a few months. Q2 adjusted net revenue rose 40% year over year to $1.2 billion, EPS increased from $0.08 to $0.12, and the company added 1.1 million members (up 35%) and 2.2 million products (up 42%), with 51% of new products coming from existing customers. Tech Platform sales keep declining after the loss of a major customer, and management did not raise net income guidance even though it raised revenue guidance. The stock trades at a P/E of 31 and a price-to-book ratio of 1.7, and it faces competition from legacy banks and digital rivals such as Ally, Happen and Nu Holdings. The author thinks SoFi could return to its previous highs but it may take time, and the stock could move when it reports earnings on Tuesday.
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