SoFi Technologies (NASDAQ:SOFI) Issues Quarterly 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. The firm had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($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 Trading Down 10.5 %

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

Insider Activity

In related news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total transaction of $389,971.89. Following the sale, the chief technology officer now owns 390,616 shares of the company’s stock, valued at approximately $2,706,968.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. The Goldman Sachs Group lifted their price target on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, January 30th. Mizuho lowered their target price on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Keefe, Bruyette & Woods upgraded shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and increased their price target for the company from $6.50 to $7.50 in a research report on Friday, April 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research report on Tuesday. Finally, Jefferies Financial Group reduced their target price on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and a consensus 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.