FY2024 EPS Estimates for SoFi Technologies, Inc. Reduced by Wedbush (NASDAQ:SOFI)

SoFi Technologies, Inc. (NASDAQ:SOFI) – Equities researchers at Wedbush cut their FY2024 earnings estimates for SoFi Technologies in a research note issued to investors on Monday, April 29th. Wedbush analyst D. Chiaverini now expects that the company will post earnings of $0.09 per share for the year, down from their prior estimate of $0.10. Wedbush has a “Underperform” rating and a $3.00 price target on the stock. The consensus estimate for SoFi Technologies’ current full-year earnings is $0.08 per share. Wedbush also issued estimates for SoFi Technologies’ Q4 2024 earnings at $0.03 EPS.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Monday, April 29th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. The firm had revenue of $580.60 million during the quarter, compared to analysts’ expectations of $555.27 million. During the same period in the previous year, the business posted ($0.05) earnings per share. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year.

A number of other brokerages have also recently issued reports on SOFI. The Goldman Sachs Group boosted their target price on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Keefe, Bruyette & Woods raised SoFi Technologies from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $6.50 to $7.50 in a research note on Friday, April 5th. Deutsche Bank Aktiengesellschaft dropped their price target on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating for the company in a research note on Tuesday. Mizuho 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 Thursday, January 18th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $6.50 price target (down previously 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 assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, SoFi Technologies has a consensus rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Stock Down 3.8 %

SOFI stock opened at $6.78 on Wednesday. The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00. The company has a fifty day moving average price of $7.58 and a two-hundred day moving average price of $7.87. SoFi Technologies has a one year low of $4.45 and a one year high of $11.70.

Insider Activity

In related news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the sale, the chief technology officer now directly owns 390,616 shares in the company, valued at $2,706,968.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors have recently modified their holdings of the company. GAMMA Investing LLC purchased a new stake in SoFi Technologies in the 4th quarter valued at $27,000. Westside Investment Management Inc. raised its position in SoFi Technologies by 93.8% in the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock valued at $31,000 after buying an additional 1,500 shares during the last quarter. SOA Wealth Advisors LLC. raised its position in SoFi Technologies by 61.2% in the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after buying an additional 1,713 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in SoFi Technologies in the 1st quarter valued at $37,000. Finally, Tortoise Investment Management LLC purchased a new stake in SoFi Technologies in the 4th quarter valued at $39,000. 38.43% of the stock is owned by institutional investors and hedge funds.

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.