SoFi Technologies (NASDAQ:SOFI) Issues Earnings Results

SoFi Technologies (NASDAQ:SOFI) posted its 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. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The firm had revenue of $580.60 million for the quarter, compared to the consensus estimate of $555.27 million. During the same period in the prior year, the business posted ($0.05) earnings per share. The business’s quarterly revenue was up 26.2% on a year-over-year basis. SoFi Technologies updated its Q2 2024 guidance to EPS and its FY 2024 guidance to 0.080-0.090 EPS.

SoFi Technologies Stock Performance

SOFI stock opened at $7.05 on Tuesday. SoFi Technologies has a 1-year low of $4.45 and a 1-year high of $11.70. The business’s 50-day moving average price is $7.61 and its two-hundred day moving average price is $7.88. The firm has a market cap of $6.88 billion, a PE ratio of -18.54 and a beta of 1.75. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00.

Insider Transactions at SoFi Technologies

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on SOFI shares. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Tuesday. Jefferies Financial Group decreased 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 report on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of SoFi Technologies in a research report on Wednesday, January 10th. They set a “hold” rating and a $11.00 target price for the company. Morgan Stanley reaffirmed an “underweight” rating and set a $6.50 price target (down from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Finally, The Goldman Sachs Group lifted their price target on SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, January 30th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average 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.