Q2 2024 EPS Estimates for SoFi Technologies, Inc. Cut by Analyst (NASDAQ:SOFI)

SoFi Technologies, Inc. (NASDAQ:SOFI) – Stock analysts at Wedbush lowered their Q2 2024 EPS estimates for shares of SoFi Technologies in a report issued on Monday, April 29th. Wedbush analyst D. Chiaverini now anticipates that the company will post earnings per share of $0.01 for the quarter, down from their previous estimate of $0.03. Wedbush has a “Underperform” rating and a $3.00 price objective on the stock. The consensus estimate for SoFi Technologies’ current full-year earnings is $0.08 per share. Wedbush also issued estimates for SoFi Technologies’ Q1 2025 earnings at $0.05 EPS.

A number of other analysts have also commented on SOFI. Jefferies Financial Group decreased their price objective on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, March 26th. Citigroup assumed 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. Mizuho reduced their price objective 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. Morgan Stanley restated an “underweight” rating and set a $6.50 target price (down previously from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Tuesday. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Stock Performance

SoFi Technologies stock opened at $6.92 on Thursday. SoFi Technologies has a fifty-two week low of $4.45 and a fifty-two week high of $11.70. The stock has a fifty day moving average of $7.58 and a two-hundred day moving average of $7.87. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. The business had revenue of $580.60 million during the quarter, compared to analysts’ expectations of $555.27 million. During the same period last year, the company posted ($0.05) EPS. The company’s revenue was up 26.2% on a year-over-year basis.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in SoFi Technologies by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock valued at $810,527,000 after purchasing an additional 5,057,233 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of SoFi Technologies by 176.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock valued at $78,601,000 after buying an additional 6,870,610 shares in the last quarter. Norges Bank purchased a new stake in shares of SoFi Technologies during the 4th quarter valued at about $71,349,000. Charles Schwab Investment Management Inc. lifted its position in SoFi Technologies by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,493,410 shares of the company’s stock worth $54,659,000 after acquiring an additional 199,949 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in SoFi Technologies by 15.4% in the 3rd quarter. Northern Trust Corp now owns 4,371,786 shares of the company’s stock worth $34,931,000 after acquiring an additional 584,335 shares during the period. Hedge funds and other institutional investors own 38.43% of the company’s stock.

Insiders Place Their Bets

In other news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is currently owned by insiders.

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.