SoFi Technologies (NASDAQ:SOFI) Announces Earnings Results

SoFi Technologies (NASDAQ:SOFI) announced its quarterly earnings results on Monday. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01, Briefing.com reports. The company had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.05) earnings per share. SoFi Technologies updated its Q2 2024 guidance to EPS and its FY 2024 guidance to 0.080-0.090 EPS.

SoFi Technologies Trading Down 10.5 %

Shares of NASDAQ:SOFI opened at $7.05 on Tuesday. SoFi Technologies has a 12-month low of $4.45 and a 12-month high of $11.70. The company has a market cap of $6.88 billion, a PE ratio of -18.54 and a beta of 1.75. The stock has a 50 day moving average of $7.61 and a 200 day moving average of $7.88. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the company’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 $2,706,968.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SOFI shares. 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 note on Tuesday, January 30th. Citigroup assumed 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. Jefferies Financial Group reduced their price target on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, March 26th. Keefe, Bruyette & Woods raised shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $6.50 to $7.50 in a report on Friday, April 5th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of SoFi Technologies in a report on Wednesday, January 10th. They issued a “hold” rating and a $11.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target 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.