Down 30% This Year, Is It Finally Time to Buy SoFi Stock?

SoFi Technologies (NASDAQ: SOFI) has majorly disappointed shareholders this year, losing 30% of its value as of this writing. It can't seem to get a break, no matter how fast it's growing or how much momentum it's maintaining. Is it finally a buy at this price?

The future of finance

Spoiler alert: I constantly recommend buying SoFi stock, and it looks even better at the lower price. SoFi operates a fast-growing finance app that adds thousands of users every quarter. It's constantly rolling out new products that set it apart from the typical banking or finance app, and users are drawn to its ease of use, low fees, and innovative services.

Some of its newer products are an AI personal finance coach and AI investing with prompts, and these products draw in the young professionals who are SoFi's sweet spot. SoFi's goal is to be a one-stop shop for personal finance, and its high engagement and cross-buy rates indicate it's on its way to achieving that goal.

Image source: SoFi.

In the 2026 second quarter, adjusted net revenue increased 40% year over year, consistent with the first quarter and elevated from last year's levels. It onboarded 1.1 million new members in the quarter, a 35% increase, and 2.2 million new products -- the first time it added twice as many products as users. Cross-buy was a key component of the company's growth, with 51% of products adopted by existing users, up from 43% last quarter.

Its SoFi Plus membership program is creating a recurring revenue stream that adds stability to the platform, and 85% of new members in the second quarter were existing SoFi users. These are highly engaged users, and 25% of them also added another new product after SoFi Plus.

Lending is still SoFi's core business, even though that's fast changing as members adopt more products. Loan originations reached a record high of $14.8 billion in the second quarter. Revenue was up 63% year over year, driven by strong growth in both net interest income, which rose 54%, and loan origination fees, which were up 64%.

What's happening with SoFi stock?

So why is the stock down? Earlier in the year, it was dealing with a negative short-seller report and a high valuation. It's past both of those, and SoFi stock trades at a much more reasonable P/E ratio of 37.

This time, the market seemed to be unenthused about management not raising guidance. Previously, management said that it based its guidance on one rate cut, and now it's assuming two. Practically, that implies a guidance raise, but the market isn't seeing it that way.

SoFi's price fell after the report, but it's been up and down since it dropped earlier this year. At some point, the good news is likely to finally outweigh the bad, and the stock should resume growth. Long-term, SoFi has huge opportunities, and its performance demonstrates that it's making the right moves to keep growing.

Jennifer Saibil has positions in SoFi Technologies. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.