SoFi Technologies Inc (NASDAQ:SOFI) traded higher last week after the company reported better-than-expected financial results showing strong year-over-year growth, but the stock has already given up all of its gains. Ritholtz Wealth Management's Josh Brown thinks SoFi shares may be falling for the wrong reasons.
"This is very much on my radar as a disruptive company that just got lumped in with a lot of other fintech stocks that have been killed," Brown said Monday on CNBC's "Fast Money Halftime Report."
With SoFi trading below $10 per share, he sees attractive upside in the stock. "I really don't understand why it's as low as it is," he said.
He told CNBC that he is yet to pull the trigger, but he's watching closely as he has confidence in the company's management team.
"It's very attractive to me," Brown said. "I do believe Anthony Noto is one of the best operators in this industry, and I think there's gonna be upside if and when the pressure to blow out of these stocks ends."
See Also: Looking Into SoFi Technologies's Return On Capital Employed
He explained that a lot of the selling doesn't have anything to do with the fundamentals of the company, instead it's more about the amount of people that are seeking redemptions from the institutions invested in the name.
SOFI Price Action: SoFi has traded between $8.82 and $24.95 over a 52-week period.
The stock was down 2.45% at $9.76 at the time of publication.
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