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

SoFi Technologies (NASDAQ:SOFI) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.080-0.090 for the period, compared to the consensus earnings per share 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 research analysts recently issued reports on the stock. Needham & Company LLC started coverage on shares of SoFi Technologies in a research report on Wednesday, April 3rd. They issued a buy rating and a $10.00 target price for the company. The Goldman Sachs Group upped their price objective on SoFi Technologies from $7.00 to $8.00 and gave the stock a neutral rating in a report on Tuesday, January 30th. Keefe, Bruyette & Woods raised 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 report on Friday, April 5th. Deutsche Bank Aktiengesellschaft assumed coverage on SoFi Technologies in a research note on Wednesday, January 10th. They issued a hold rating and a $11.00 target price for the company. Finally, Morgan Stanley reissued an underweight rating and set a $6.50 price target (down from $7.00) on shares of SoFi Technologies in a research note on Wednesday, January 31st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, SoFi Technologies has an average rating of Hold and an average target price of $9.08.

SoFi Technologies Trading Up 3.7 %

SOFI stock opened at $7.87 on Monday. 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’s 50-day moving average price is $7.64 and its two-hundred day moving average price is $7.89. SoFi Technologies has a 12-month low of $4.45 and a 12-month high of $11.70.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Monday, January 29th. The company reported $0.02 earnings per share (EPS) for the quarter. SoFi Technologies had a negative return on equity of 1.23% and a negative net margin of 14.65%. The company had revenue of $615.40 million for the quarter, compared to the consensus estimate of $572.02 million. During the same quarter in the previous year, the business earned ($0.05) EPS. SoFi Technologies’s revenue was up 34.7% compared to the same quarter last year. As a group, analysts expect that SoFi Technologies will post 0.08 EPS for the current year.

Insider Activity

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.60% 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.