SoFi Technologies (NASDAQ:SOFI) Announces Earnings Results

SoFi Technologies (NASDAQ:SOFI) issued its earnings results on Monday. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01, Briefing.com reports. The company had revenue of $580.60 million for the quarter, compared to analyst estimates of $555.27 million. SoFi Technologies had a negative return on equity of 1.23% and a negative net margin of 14.65%. The business’s revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) EPS. SoFi Technologies updated its Q2 2024 guidance to EPS and its FY 2024 guidance to 0.080-0.090 EPS.

SoFi Technologies Price Performance

Shares of NASDAQ:SOFI opened at $6.69 on Tuesday. The firm has a market capitalization of $6.53 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. 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 is $7.61 and its 200-day moving average is $7.88.

Insider Activity at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SOFI. Deutsche Bank Aktiengesellschaft started coverage on shares of SoFi Technologies in a report on Wednesday, January 10th. They issued a “hold” rating and a $11.00 price objective for the company. The Goldman Sachs Group upped their price target on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 30th. Citigroup initiated coverage on SoFi Technologies in a research note on Monday, April 8th. They issued a “buy” rating and a $11.00 price objective on the stock. Wedbush restated an “underperform” rating and issued a $3.00 target price on shares of SoFi Technologies in a report on Tuesday. Finally, Morgan Stanley reiterated an “underweight” rating and set a $6.50 price target (down previously from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $9.08.

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.