SoFi Stock Draws Attention As Member Count Crosses 10M Milestone: Retail Celebrates Growth
By Stocktwits Inc | First Published Dec 17, 2024, 8:25 PM ISTThe company also highlighted that through Sept. 30, 2024, its 10 million members have collectively earned 12.5 billion rewards points, paid down $33 billion in credit card debt, and earned more than $1 billion in interest on savings.
Fintech firm SoFi Technologies Inc (SOFI) announced on Tuesday it now serves over 10 million members across its suite of products and services, with total members increasing by approximately 2.5 million year-to-date in 2024.
Despite the announcement, shares of the firm fell nearly 2% at the open on Tuesday morning.
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SoFi said the company’s member base has grown more than nine-fold in less than five years.
The company also highlighted that through Sept. 30, 2024, its 10 million members have collectively earned 12.5 billion rewards points, paid down $33 billion in credit card debt, and earned more than $1 billion in interest on savings.
The members also borrowed $117 billion, including $44 billion in refinanced student loans and $9 billion in funded home loans.
Following the announcement, retail sentiment on Stocktwits flipped into the ‘bullish’ territory (70/100) from ‘neutral’ a day ago, accompanied by high message volume.
Retail investors on Stocktwits cheered the milestone and mostly expressed optimism on the stock.
SoFi stock was in the news lately after Bank of America (BofA) reportedly downgraded the shares to ‘Underperform’ from ‘Neutral’ while keeping the price target unchanged at $12.
The brokerage noted that the stock is up 120% in the last three months, partly due to Trump’s victory in the US presidential election and favorable third-quarter results.
SoFi shares are trading near their three-year highs and have gained nearly 75% since the beginning of 2024.
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