FY2024 EPS Estimates for SoFi Technologies, Inc. (NASDAQ:SOFI) Raised by Wedbush

SoFi Technologies, Inc. (NASDAQ:SOFI) – Investment analysts at Wedbush lifted their FY2024 earnings per share (EPS) estimates for shares of SoFi Technologies in a report issued on Tuesday, July 30th. Wedbush analyst D. Chiaverini now expects that the company will earn $0.09 per share for the year, up from their prior forecast of $0.08. Wedbush currently has a “Underperform” rating and a $3.00 target price on the stock. The consensus estimate for SoFi Technologies’ current full-year earnings is $0.10 per share.

Other equities research analysts have also recently issued reports about the stock. Citigroup started coverage on shares of SoFi Technologies in a report on Monday, April 8th. They set a “buy” rating and a $11.00 price target for the company. Keefe, Bruyette & Woods dropped their price objective on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. BTIG Research began coverage on shares of SoFi Technologies in a research note on Friday, June 7th. They issued a “neutral” rating for the company. Deutsche Bank Aktiengesellschaft lowered their price target on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a research note on Tuesday, April 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $9.20.

SoFi Technologies Price Performance

NASDAQ SOFI opened at $6.65 on Friday. The firm has a market cap of $7.03 billion, a P/E ratio of -21.45, a price-to-earnings-growth ratio of 1.45 and a beta of 1.70. The stock’s 50-day moving average is $6.88 and its two-hundred day moving average is $7.34. SoFi Technologies has a fifty-two week low of $6.15 and a fifty-two week high of $10.49. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. The firm had revenue of $598.60 million for the quarter, compared to analyst estimates of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.30%. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) earnings per share.

Insider Buying and Selling

In other SoFi Technologies news, CEO Anthony Noto purchased 28,900 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $6.92 per share, for a total transaction of $199,988.00. Following the completion of the transaction, the chief executive officer now owns 8,062,269 shares in the company, valued at $55,790,901.48. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Qatar Investment Authority sold 19,840,073 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anthony Noto purchased 28,900 shares of SoFi Technologies stock in a transaction on Thursday, May 23rd. The stock was bought at an average price of $6.92 per share, for a total transaction of $199,988.00. Following the transaction, the chief executive officer now directly owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The disclosure for this purchase can be found here. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Hudock Inc. acquired a new stake in shares of SoFi Technologies in the 2nd quarter worth about $612,000. Founders Financial Securities LLC raised its stake in shares of SoFi Technologies by 8.0% in the second quarter. Founders Financial Securities LLC now owns 27,060 shares of the company’s stock worth $179,000 after purchasing an additional 2,000 shares during the last quarter. Rhumbline Advisers raised its stake in shares of SoFi Technologies by 5.7% in the second quarter. Rhumbline Advisers now owns 979,183 shares of the company’s stock worth $6,472,000 after purchasing an additional 53,124 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of SoFi Technologies by 29.6% in the second quarter. CIBC Asset Management Inc now owns 27,447 shares of the company’s stock valued at $181,000 after purchasing an additional 6,269 shares in the last quarter. Finally, Aptus Capital Advisors LLC boosted its position in shares of SoFi Technologies by 3.1% during the second quarter. Aptus Capital Advisors LLC now owns 258,565 shares of the company’s stock valued at $1,709,000 after buying an additional 7,740 shares during the last quarter. Institutional investors own 38.43% of the company’s stock.

About SoFi Technologies

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.