SoFi Technologies (NASDAQ:SOFI) Issues FY 2024 Earnings Guidance

SoFi Technologies (NASDAQ:SOFI) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 0.080-0.090 for the period, compared to the consensus EPS estimate of 0.080. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. SoFi Technologies also updated its Q2 2024 guidance to EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Morgan Stanley reaffirmed an underweight rating and issued a $6.50 target price (down previously from $7.00) on shares of SoFi Technologies in a research note on Wednesday, January 31st. Citigroup started coverage on SoFi Technologies in a research note on Monday, April 8th. They set a buy rating and a $11.00 price objective on the stock. Wedbush reissued an underperform rating and issued a $3.00 target price on shares of SoFi Technologies in a research note on Tuesday. Deutsche Bank Aktiengesellschaft dropped their price target on SoFi Technologies from $12.00 to $11.00 and set a hold rating on the stock in a research report on Tuesday. Finally, The Goldman Sachs Group boosted their price objective on SoFi Technologies from $7.00 to $8.00 and gave the company a neutral rating in a research report on Tuesday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, SoFi Technologies presently has a consensus rating of Hold and a consensus price target of $9.08.

SoFi Technologies Price Performance

SOFI stock opened at $6.92 on Thursday. The business’s 50 day simple moving average is $7.58 and its 200 day simple moving average is $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 has a 1-year low of $4.45 and a 1-year high of $11.70.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $580.60 million for the quarter, compared to analyst estimates of $555.27 million. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. SoFi Technologies’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.05) earnings per share. As a group, analysts expect that SoFi Technologies will post 0.08 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of the business’s 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 directly owns 390,616 shares in the company, valued at approximately $2,706,968.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is owned by insiders.

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.