SoFi Technologies (NASDAQ:SOFI) Releases FY24 Earnings Guidance

SoFi Technologies (NASDAQ:SOFI) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.09-0.10 for the period, compared to the consensus estimate of $0.09. The company issued revenue guidance of $2.43-2.47 billion, compared to the consensus revenue estimate of $2.40 billion. SoFi Technologies also updated its FY 2024 guidance to 0.090-0.100 EPS.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Barclays dropped their price objective on SoFi Technologies from $10.00 to $8.00 and set an equal weight rating for the company in a report on Tuesday, July 9th. Keefe, Bruyette & Woods lowered their target price on SoFi Technologies from $7.50 to $7.00 and set a market perform rating for the company in a report on Tuesday, July 9th. Citigroup began coverage on SoFi Technologies in a report on Monday, April 8th. They issued a buy rating and a $11.00 target price for the company. Wedbush reiterated an underperform rating and issued a $3.00 target price on shares of SoFi Technologies in a report on Tuesday, April 30th. Finally, Needham & Company LLC reiterated a buy rating and issued a $10.00 target price on shares of SoFi Technologies in a report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $9.44.

SoFi Technologies Trading Up 3.5 %

Shares of NASDAQ SOFI opened at $7.59 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24. The stock has a market capitalization of $8.02 billion, a P/E ratio of -23.64, a price-to-earnings-growth ratio of 1.72 and a beta of 1.70. SoFi Technologies has a 1-year low of $6.15 and a 1-year high of $11.70. The business has a fifty day moving average price of $6.86 and a 200 day moving average price of $7.36.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. The company had revenue of $580.60 million for the quarter, compared to analyst estimates of $555.27 million. During the same period in the prior year, the company posted ($0.05) EPS. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. Equities research analysts expect that SoFi Technologies will post 0.08 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now directly owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other SoFi Technologies news, CEO Anthony Noto purchased 28,775 shares of the stock in a transaction on Friday, May 3rd. The shares were bought at an average price of $6.90 per share, for a total transaction of $198,547.50. Following the completion of the transaction, the chief executive officer now owns 8,033,369 shares of the company’s stock, valued at approximately $55,430,246.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total value of $360,709.93. Following the completion of the transaction, the chief technology officer now owns 453,464 shares in the company, valued at approximately $2,906,704.24. The disclosure for this sale can be found here. Insiders have acquired 88,390 shares of company stock valued at $597,569 in the last ninety days. Corporate insiders own 2.60% of the company’s stock.

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.