Jim Cramer Says He is "Concerned About Profit Taking" in SoFi Stock

SoFi Technologies, Inc. (NASDAQ:SOFI) is one of the stocks in focus in the game plan Jim Cramer shared. Cramer mentioned the company during the episode and commented:

“Okay, here’s one, SoFi. You know we’re behind this one, right, the digital bank? It’s had a huge run that you have to ask if anything can justify the move beyond where it is. The rally today didn’t help. I don’t know. Call me, let me say, critical because I do, am concerned about profit taking there.”

SoFi Technologies, Inc. (NASDAQ:SOFI) provides digital financial services, including lending, banking, investing, and insurance. Additionally, it operates Galileo and Technisys, technology platforms that deliver modern banking infrastructure. During the October 3 episode, Cramer said that the company’s stock is “not finished going higher.” He stated:

“As a long-time SOFI bull, I feel pretty darn vindicated these days, and I’ve gotta tell you, I think this one’s not finished going higher. The first thing you need to understand is that this rally was driven by genuinely great numbers… This company has developed a reputation for outperforming the estimates, and lately that outperformance has been particularly strong. SoFi’s actually been doing this for a while.

Now, I went back and checked, and SoFi’s beaten both sales and EBITDA estimates every darn time since it came public in 2021. Can you imagine that? Over the past seven quarters, in particular, SoFi has also reported much better than expected earnings per share. In fact, when the company reported its latest numbers in late July, the quarter, look, I’m calling it fantastic…

Let me give you the bottom line: I’ve been recommending SOFI for years because I realize that they had a unique hold on younger people, and over the past 12 months or so, that’s really starting to pay off. The stock’s caught fire, and thanks to its recent sell-off over the past couple weeks, you’re now getting a chance to buy it at a relative discount for the first time in ages. While I’m not expecting SOFI to triple again over the next six months, it wouldn’t shock me if it can put up a similar performance over the next three to five years.”

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Disclosure: None. This article is originally published at Insider Monkey.