Dear SOFI fans, mark July 30th in your calendars

It was a difficult month for SoFi Technologies (NYSE:SOFI), but things could be headed in a new direction. The fintech startup is preparing to report earnings for the second quarter of 2024. SoFi confirmed that it will hold its annual earnings conference call on July 30 to discuss its latest quarterly results, scheduled for 8 a.m. ET. SOFI stock has struggled recently amid tough market conditions.

However, if the upcoming earnings report shows growth in any of the key metrics, the stock could begin its well-deserved rebound.

What’s happening with SOFI shares

With SoFi’s earnings still a month away, the volatility the stock is experiencing may not abate anytime soon. SOFI stock is down 1% today after a few ups and downs. While it looks like it will close the day in the red, it’s still in the green for a week, even after today’s turbulence.

As a stock, SOFI is somewhat unique. While it enjoys meme stock status, it’s not just retail investors who seem to be enthusiastic about it. Popular CNBC host Jim Cramer recently said he would wait for the stock, but others have expressed more bullish views. Jefferies analyst John Hecht reiterated a “buy” rating for SOFI on June 26.

He’s not the only one expecting the earnings report to spur growth. Investor’s Place Market analyst Thomas Yeung reports: “Analysts expect the company to post 16% revenue growth and move from negative $0.05 earnings per share to positive $0.01. The company is riding a wave of higher interest rates, which is lifting net interest income.”

In his analysis, Yeung raises another key point that investors shouldn’t ignore. SoFi could also offer valuable exposure to the rapidly evolving artificial intelligence (Artificial intelligence) market. In fact, it is one of the leading companies helping to bring AI to retail banking. As he states, “This suggests that SoFi could do even better than expected.”

Why is this important?

Given SoFi’s recent struggles, it makes sense that some investors have become discouraged. But as Yeung points out, the innovative startup still has the potential to take it to new heights. At $6.54 per share, it’s trading at low enough levels that risk-averse investors might see it as a tempting opportunity to stock up on a future winner. Right now, investors are hungry for AI stocks that haven’t even started to reach their full potential. SOFI stock is in the middle of that space. If Wall Street is right, the earnings conference call on July 30 will be the catalyst it needs to trigger a long-awaited turnaround.

As of the date of publication, Samuel O’Brient did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are the author’s own, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication of this article, the editor in charge did not hold (directly or indirectly) any interests in the securities referred to in this article.