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It's an understatement to say it's been a disappointing year for SoFi Technologies (NASDAQ: SOFI) investors so far. Despite the fintech company continuing to post strong results, its shares remain down for the year. Year to date, as the S&P 500 has gained by around 13%, this fintech stock is down by over 31%.
Yet while there are substantive reasons for this sharp price decline, for those who have yet to buy or are interested in doubling down, this year's volatility could work in your favor. SoFi remains a compelling growth story, even as macroeconomic uncertainty continues to cloud the near-term picture.
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It's not only the investing public that holds a bearish view of SoFi Technologies shares. According to FactSet, out of 29 analysts covering the stock, only 10 rate it a buy or the equivalent to buy, while 14 rate it a hold, with 5 rating the stock a sell or the equivalent to sell.