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Wait for a Pullback to Buy SoFi Technologies

Long-term investors 1000 payday loan should consider buying SOFI stock after a potential decline

Financial technology startup SoFi Technologies (NASDAQ: SOFI ) went public as SOFI stock on Jun. 1 via a reverse-merger with a special purpose acquisition company (SPAC) called Social Capital Hedosophia Corp. V . As a result, SoFi raised $2.4 billion in cash proceeds to be used for further expansion strategies.

Commonly referred to as blank-check companies, SPACs have become extremely popular lately. Instead of going through a long and usually difficult initial public offering (IPO) process, a large number of private businesses have been raising capital and going public via merging with a SPAC.

Recent metrics suggest that 2020 has been a significant year for SPAC mergers, which “raised almost twice as much as they raised in the previous 10 years combined.” Now, this year has already beaten the 2020 figures. As of Jun. 8, some 333 mergers have been completed raising $105 billion stateside.

So, what should you know about this latest entry in the world of SPACs?

SOFI Stock: The Price Action

When it comes to SOFI stock, maybe it is best for us to start with this name’s recent price action.

On Jun. 1, SOFI closed the day at $22.65. The next day, it saw a high of $24.95. Since then, though, it has been a choppy ride and the shares have traded at a range between about $20 and $25. Today, the shares have dipped down to just below $19. Still, year-to-date (YTD), SOFI stock is up about 51% and has a market capitalization of $14.7 billion.

True, long-term investors would like to see the stock back at its record high of $28.26, which hit in early February while it was still trading under the IPOE ticker.