In recent months companies listed through SPAC (special purpose acquisition company) mergers have garnered considerable gains and one of the companies that could be tracked by investors is that of the financial technology company SoFi Technologies Inc (NASDAQ:SOFI).
Earlier this month, the company had been taken public by way of a SPAC merger with Social Capital Hedosophia Holdings Corp V. Investors who might be interested in SPAC stocks and the Fintech space could do well to keep track of the SoFi stock. At this point, the stock is still in a phase in which the price is being determined by the market and hence, it has displayed considerable volatility.
Over the course of the past three trading days alone, the stock has dropped by as much as 15% and it is perhaps time for investors to figure out if it might be the opportunity to get into the SoFi stock.
In this regard, it is necessary to point out that the projected growth of the company up until 2025 remains at 43% CAGR. Experts also believe that the company has the strongest prospects in terms of growth in the fintech industry. Hence, despite the volatility, SoFi is a stock that could be worth tracking.
Market Reaction:
As of 12:05, SOFI stock fell 1% to $19.08 with more than 30.28 million shares, compared to its average volume of 5.70 million shares. The stock has moved within a range of $19.01 – 20.98 after opening the trade at $20.52 Over the past 52-week, the stock has been trading within a range of $11.80 – 28.26.
 Stock Ready To Bounce back After The Recent Slump?){kind=link}