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Do You Believe in the Growth Prospects of Sofi Technologies (SOFI)?

Soumya Eswaran
·2 minuto per la lettura

Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 11.8% net of fees compared to the S&P 500’s 10.6% return. The outperformance of the portfolio can be attributed to selection and allocation effects, which are partially counteracted by interaction effects, according to a three-factor performance attribution model. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Patient Capital Opportunity Equity Strategy featured stocks like SoFi Technologies, Inc. (NASDAQ:SOFI) in its Q1 2024 investor letter. Headquartered in San Francisco, California, SoFi Technologies, Inc. (NASDAQ:SOFI) offers various financial services. On April 22, 2024, SoFi Technologies, Inc. (NASDAQ:SOFI) stock closed at $7.25 per share. One-month return of SoFi Technologies, Inc. (NASDAQ:SOFI) was -2.68%, and its shares gained 24.36% of their value over the last 52 weeks. SoFi Technologies, Inc. (NASDAQ:SOFI) has a market capitalization of $7.66 billion.

Patient Capital Opportunity Equity Strategy stated the following regarding SoFi Technologies, Inc. (NASDAQ:SOFI) in its first quarter 2024 investor letter:

"SoFi Technologies, Inc. (NASDAQ:SOFI) fell in the first quarter despite delivering strong 4Q results and 2024 guidance supported by their non-lending businesses. The company continues to gain share in the digital lending and neo-banking space, consistently growing deposits at $2B a quarter. What differentiates the company is their focus on prime and super-prime customers (average FICO 749). Sofi is early in its life cycle, currently being a small player in a very large total addressable market (TAM). With their strong management team, we believe the company will continue to deliver on their guidance of strong growth and expanding margins."

A professional banker shaking hands with an entrepreneur in a boardroom setting.

ANNUNCIO PUBBLICITARIO

SoFi Technologies, Inc. (NASDAQ:SOFI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, SoFi Technologies, Inc. (NASDAQ:SOFI) was held by 29 hedge fund portfolios, up from 24 in the previous quarter, according to our database.

We previously discussed SoFi Technologies, Inc. (NASDAQ:SOFI) in another article, where we shared the list of stocks Cathie Wood was buying for 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.