SoFi Technologies, Inc. (NASDAQ:SOFI) Expected to Earn FY2024 Earnings of $0.09 Per Share

SoFi Technologies, Inc. (NASDAQ:SOFI) – Equities research analysts at Wedbush dropped their FY2024 earnings per share estimates for SoFi Technologies in a research report issued on Monday, April 29th. Wedbush analyst D. Chiaverini now anticipates that the company will post earnings of $0.09 per share for the year, down from their prior forecast of $0.10. Wedbush currently has a “Underperform” rating and a $3.00 price target 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’ Q4 2024 earnings at $0.03 EPS.

Other equities research analysts have also recently issued research reports about the company. The Goldman Sachs Group raised their target price on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 30th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research note on Tuesday. Jefferies Financial Group cut 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 note on Tuesday, March 26th. Morgan Stanley reaffirmed an “underweight” rating and issued a $6.50 price target (down from $7.00) on shares of SoFi Technologies in a research note on Wednesday, January 31st. Finally, Keefe, Bruyette & Woods upgraded shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $6.50 to $7.50 in a report on Friday, April 5th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, SoFi Technologies has a consensus rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Stock Performance

Shares of SoFi Technologies stock opened at $6.92 on Wednesday. The company has a market cap of $6.76 billion, a P/E ratio of -22.32 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. The business has a 50-day moving average price of $7.58 and a two-hundred day moving average price of $7.87. SoFi Technologies has a 1-year low of $4.45 and a 1-year high of $11.70.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Monday, April 29th. The company reported $0.02 EPS for the quarter, beating 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 company had revenue of $580.60 million for the quarter, compared to analyst estimates of $555.27 million. During the same period in the prior year, the firm posted ($0.05) EPS. The company’s quarterly revenue was up 26.2% on a year-over-year basis.

Insider Buying and Selling

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

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOFI. Norges Bank purchased a new stake in shares of SoFi Technologies during the 4th quarter valued at $71,349,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in SoFi Technologies by 176.3% during 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 during the period. Vanguard Group Inc. increased its holdings in SoFi Technologies by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock worth $810,527,000 after buying an additional 5,057,233 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in SoFi Technologies in the fourth quarter worth about $38,595,000. Finally, Nikko Asset Management Americas Inc. boosted its stake in SoFi Technologies by 241.4% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 3,896,692 shares of the company’s stock valued at $38,733,000 after acquiring an additional 2,755,197 shares during the last quarter. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.