IPOE - February 16, 2021
IPOE is another one of Chamath Palihapitiya's SPACs that announced it will merge with SoFi. SoFi is a financial services app for loan refinancing and mortgages, personal loads, credit cards, insurance, investing and more. It competes with SQ but is more focused on consumer banking rather than point of sale transactions. SoFi estimated to do 1B in revenue in 2021, up 60% from 2020 and is expected to continue 75% YoY user growth. From a technical standpoint, IPOE is a good dip buy here just below 25. If the 24.60 level can break this can move higher to the first target of 28.3. Tight stop loss on this trade if a new lower low is made.
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