5 Best Most Active Stocks To Buy Now

2. SoFi Technologies, Inc. (NASDAQ:SOFI)

Number of Hedge Fund Holders: 33 

Volume as of February 10: 48.7 million

SoFi Technologies, Inc. (NASDAQ:SOFI) is a fintech firm based in California. The firm received regulatory approval to operate as a national bank in January. The firm acquired Golden Pacific Bancorp for the purpose and plans to invest $750 million in the latter to pursue a national digital bank plan while maintaining the present operations of Golden Pacific. 

Hedge funds have been selling SoFi Technologies, Inc. (NASDAQ:SOFI). At the end of the third quarter of 2021, 33 hedge funds in the database of Insider Monkey held stakes worth $852 million in SoFi Technologies, Inc. (NASDAQ:SOFI), compared to 39 in the preceding quarter worth $1.7 billion. 

In its Q2 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and SoFi Technologies, Inc. (NASDAQ:SOFI) was one of them. Here is what the fund said:

“We invested in SoFi Technologies, Inc., an online consumer finance company or “neobank,” through a SPAC-PIPE transaction. The company was founded in 2011 to refinance student loans into lower interest rates and has since expanded into other financial services, such as bank accounts, debit and credit cards, brokerage, and cryptocurrency trading. We believe that SoFi now has the broadest product suite of any neobank in the U.S., and we view the core lending segment as a differentiated product line that few other neobanks offer. With most competitors targeting un-banked and under-banked individuals, we believe SoFi’s focus on a higher-income demographic coupled with its wide range of products positions it to be one of the leading digital banks. The company’s product breadth enables it to serve customers throughout their lives, such as offering student loan refinancing for new graduates or brokerage accounts when those graduates accumulate savings. SoFi seeks to cross-sell products to existing customers, driving higher customer engagement and retention. SoFi also owns a technology platform called Galileo that is used to power many other neobanks. We believe Galileo gives SoFi attractive exposure to the broader universe of fast-growing consumer FinTech companies. Over time, we expect SoFi to continue adding members and cross-selling additional services, which should drive improving unit economics and earnings growth.”