SoFi Technologies (NASDAQ:SOFI) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

SoFi Technologies (NASDAQ:SOFI) released its quarterly earnings data on Tuesday. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01, Briefing.com reports. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. The firm’s revenue was up 29.8% on a year-over-year basis. SoFi Technologies updated its FY 2024 guidance to 0.110-0.120 EPS and its FY24 guidance to $0.11-0.12 EPS.

SoFi Technologies Price Performance

Shares of SoFi Technologies stock traded up $0.81 during trading on Wednesday, hitting $11.28. The stock had a trading volume of 43,603,043 shares, compared to its average volume of 46,660,398. The business has a fifty day moving average of $8.45 and a two-hundred day moving average of $7.48. The firm has a market cap of $11.93 billion, a P/E ratio of -36.23, a PEG ratio of 2.08 and a beta of 1.70. SoFi Technologies has a fifty-two week low of $6.01 and a fifty-two week high of $11.34. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.88 and a quick ratio of 0.21.

Insider Buying and Selling at SoFi Technologies

In other news, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were 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 directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 111,636 shares of company stock valued at $904,677. 2.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SOFI shares. Barclays dropped their price target on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Needham & Company LLC raised their target price on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday. Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods cut their price objective on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Finally, Jefferies Financial Group upped their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $9.58.

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.