SoFi Technologies (NASDAQ:SOFI) Issues Earnings Results

SoFi Technologies (NASDAQ:SOFI) released its quarterly earnings results on Monday. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01, Briefing.com reports. The business had revenue of $580.60 million during the quarter, compared to analyst estimates of $555.27 million. SoFi Technologies had a positive return on equity of 1.13% and a negative net margin of 8.21%. The company’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period last year, the business posted ($0.05) earnings per share. SoFi Technologies updated its Q2 2024 guidance to EPS and its FY 2024 guidance to 0.080-0.090 EPS.

SoFi Technologies Stock Performance

Shares of NASDAQ SOFI opened at $6.92 on Thursday. The stock’s 50-day simple moving average is $7.58 and its 200-day simple moving average is $7.87. SoFi Technologies has a fifty-two week low of $4.45 and a fifty-two week high of $11.70. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23.

Insider Activity at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the completion of the transaction, the chief technology officer now owns 390,616 shares in the company, valued at approximately $2,706,968.88. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SOFI shares. Jefferies Financial Group dropped their target price on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th. Mizuho cut their target price on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a report on Tuesday. Citigroup assumed coverage on shares of SoFi Technologies in a research note on Monday, April 8th. They issued a “buy” rating and a $11.00 price target for the company. Finally, Wedbush reiterated an “underperform” rating and issued a $3.00 price objective on shares of SoFi Technologies in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Company Profile

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money.