Overview

• SoFi beat Wall Street’s Q2 earnings forecasts and lifted its full-year revenue guidance, initially driving the stock to a 52-week high of $25.11.
• The company launched an underwritten $1.5 billion public offering of common stock, including a 30-day option to purchase an extra 15% of shares.
• Shares slipped on dilution concerns before rebounding above the pre-earnings $21 mark in early August.
• Truist and Mizuho raised their price targets to $23 and $26 respectively, citing confidence in SoFi’s growth momentum.
• Management highlighted ongoing product innovation across lending, banking, wealth and its Galileo platform as it shifts toward higher-margin, fee-based revenue streams.