SoFi Technologies (NASDAQ:SOFI) stock is on the move Tuesday as investors discuss a potential bank charter for the company.
Let’s dive into what a bank charter would mean for the company and why investors are hoping for one.
- SoFi gaining a bank charter would open it up to more customers with the acknowledgment of the U.S. Government.
- This could see an increase in the company’s footprint in the financial services sector.
- This also opens it up to even more lending with loans for individuals and businesses.
- All of this has the potential to transform SoFi from its student loan refinancing reputation to something greater.
- If that happens, investors will likely see shares of SOFI stock rally higher in the coming years.
- However, there’s still some hesitation about SoFi’s future.
- That’s to be expected with the turmoil traders have seen from the shares over the last year.
- There’s been many highs and lows for shares of SOFI stock and that could be scaring off some investors.
- In fact, anyone that bought SOFI stock one year ago is currently dealing with a 43.6% drop in value.
- Of course, that could mean now’s the perfect time to buy SOFI stock with shares at a one-year low.
- That could turn into major profits if the stock takes off on possible bank charter news.
SOFI stock is down 3.6% as of Tuesday morning.
Investors on the lookout for more recent stock market news are in the right place!
We’ve got all of the latest stock coverage that traders need to know about for Tuesday! A few examples include what’s hitting shares of Lucid Motors (NASDAQ:LCID) stock today, what investors in Roblox (NYSE:RBLX) stock are saying as shares rise higher, as well as Social Capital Suvretta Holdings III (NASDAQ:DNAC) preparing for a SPAC merger. You can get all of these details from the following links!
More Stock Market News for Tuesday
- LCID Stock Alert: Why Is Lucid Motors Stumbling Today?
- What Roblox Bulls Are Saying as RBLX Stock Trends Today
- DNAC Stock Alert: Chamath Palihapitiya’s SPAC Preps for ProKidney Merger
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.