SoFi Technologies, Inc. Expected to Earn Q2 2024 Earnings of $0.03 Per Share (NASDAQ:SOFI)

SoFi Technologies, Inc. (NASDAQ:SOFI) – Investment analysts at Wedbush increased their Q2 2024 earnings per share (EPS) estimates for SoFi Technologies in a research report issued to clients and investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the company will earn $0.03 per share for the quarter, up from their prior estimate of $0.02. 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 $0.07 per share. Wedbush also issued estimates for SoFi Technologies’ Q3 2024 earnings at $0.03 EPS.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Monday, January 29th. The company reported $0.02 earnings per share for the quarter. The firm had revenue of $615.40 million for the quarter, compared to analysts’ expectations of $572.02 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The firm’s revenue was up 34.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.05) earnings per share.

SOFI has been the subject of a number of other research reports. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $6.50 price target (down previously from $7.50) on shares of SoFi Technologies in a report on Wednesday, January 3rd. 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. Deutsche Bank Aktiengesellschaft started coverage on shares of SoFi Technologies in a report on Wednesday, January 10th. They set a “hold” rating and a $11.00 price objective on the stock. Jefferies Financial Group dropped their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, The Goldman Sachs Group upped their target price on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 30th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, SoFi Technologies has a consensus rating of “Hold” and a consensus target price of $8.97.

SoFi Technologies Stock Performance

Shares of SOFI stock opened at $7.36 on Thursday. 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 quick ratio of 0.23 and a current ratio of 1.04. The firm has a market cap of $7.19 billion, a price-to-earnings ratio of -19.37 and a beta of 1.80. The stock’s 50-day moving average is $7.89 and its two-hundred day moving average is $8.01.

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 shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the completion of the transaction, 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 SEC, which is available through the SEC website. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SOFI. GAMMA Investing LLC purchased a new position in SoFi Technologies in the fourth quarter valued at about $27,000. US Bancorp DE boosted its holdings in SoFi Technologies by 197.0% in the 1st quarter. US Bancorp DE now owns 3,015 shares of the company’s stock valued at $28,000 after purchasing an additional 2,000 shares during the period. Westside Investment Management Inc. boosted its position in shares of SoFi Technologies by 93.8% during the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock valued at $31,000 after acquiring an additional 1,500 shares during the last quarter. Advisors Asset Management Inc. bought a new position in shares of SoFi Technologies during the 1st quarter valued at about $36,000. Finally, Tortoise Investment Management LLC bought a new position in shares of SoFi Technologies during the fourth quarter valued at about $39,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.