SoFi ($SOFI) – Miscellaneous – May 25, 2024

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SoFi ($SOFI) – Miscellaneous – May 25, 2024

  • SoFi announced a $350 million personal loan securitization with Prudential Financial’s fixed income subsidiary. SoFi continues to see “healthy demand for its personal loans” from capital market buyers. That allows it to fulfill more pent-up demand without using the balance sheet capacity that it’s trying to preserve amid the rate volatility/uncertainty.
  • Noto bought another $200,000 in stock this week. He has purchased over $10 million in stock since the end of 2022. The internet says his net worth is somewhere between $80-$130 million, making this investment (on top of all potential equity packages) a material part of his net worth. SoFi is a larger % of his portfolio than it is mine, and I take some comfort in that.
  • SoFi reiterated its 2026 financial targets at the very beginning of its shareholder meeting. The rest of the meeting was as uneventful as these normally are. Its reiterated targets don’t include potential entrance into new businesses. At the $0.67 2026 EPS midpoint, a 25x GAAP earnings multiple (likely a 0.6x-0.9x PEG ratio) gives you a $16+ stock. At the $0.80 high point, it would be a $20 stock. Just keep growing the top line and profits per share. Let everyone else endlessly bicker about every single detail. I’m happy to wait as long as fundamental execution remains this steady.

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