SoFi Technologies (NASDAQ:SOFI) Posts Earnings Results, Beats Expectations By $0.01 EPS

SoFi Technologies (NASDAQ:SOFI) issued its quarterly earnings data on Monday. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01, Briefing.com reports. SoFi Technologies had a positive return on equity of 1.13% and a negative net margin of 8.21%. The business had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The business’s revenue was up 26.2% on a year-over-year basis. SoFi Technologies updated its Q2 2024 guidance to EPS and its FY 2024 guidance to 0.080-0.090 EPS.

SoFi Technologies Trading Up 2.1 %

Shares of SoFi Technologies stock opened at $6.92 on Thursday. SoFi Technologies has a 12-month low of $4.45 and a 12-month high of $11.70. The company has a 50-day simple moving average of $7.58 and a 200 day simple moving average of $7.87. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00.

Insider Buying and Selling at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of the firm’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 transaction of $389,971.89. Following the completion of the sale, the chief technology officer now owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on SOFI. The Goldman Sachs Group boosted their price target on SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 30th. Wedbush reiterated an “underperform” rating and issued a $3.00 target price on shares of SoFi Technologies in a research report on Tuesday. Citigroup initiated coverage on shares of SoFi Technologies in a research note on Monday, April 8th. They set a “buy” rating and a $11.00 target price on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a research note on Tuesday. Finally, Keefe, Bruyette & Woods upgraded shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $6.50 to $7.50 in a research note on Friday, April 5th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, SoFi Technologies has an average rating of “Hold” and an average target price of $9.08.

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.