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

SoFi Technologies (NASDAQ:SOFI) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.110-0.120 for the period, compared to the consensus estimate of 0.100. The company issued revenue guidance of $2.5 billion-$2.6 billion, compared to the consensus revenue estimate of $2.5 billion.

SoFi Technologies Stock Up 1.8 %

SOFI opened at $11.19 on Tuesday. The firm has a market cap of $11.83 billion, a P/E ratio of -36.10, a PEG ratio of 2.08 and a beta of 1.70. The business’s fifty day simple moving average is $8.38 and its 200 day simple moving average is $7.46. SoFi Technologies has a 52 week low of $6.01 and a 52 week high of $11.34. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. The business had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $565.19 million. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The business’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) earnings per share. As a group, equities research analysts anticipate that SoFi Technologies will post 0.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SOFI. Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods decreased their target price on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Barclays lowered their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $9.25.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the transaction, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the sale, the chief technology officer now owns 521,505 shares in the company, valued at approximately $4,234,620.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the sale, the executive vice president now owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,636 shares of company stock worth $904,677 over the last three months. Company insiders own 2.60% of the company’s stock.

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.