SoFi Technologies (NASDAQ:SOFI) Updates FY24 Earnings Guidance

SoFi Technologies (NASDAQ:SOFI) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.11-0.12 for the period, compared to the consensus earnings per share estimate of $0.10. The company issued revenue guidance of 2.54-2.55 billion, compared to the consensus revenue estimate of $2.46 billion. SoFi Technologies also updated its FY 2024 guidance to 0.110-0.120 EPS.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Needham & Company LLC increased their target price on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday. The Goldman Sachs Group upped their price target on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Jefferies Financial Group upped their target price on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods reduced their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, SoFi Technologies has an average rating of “Hold” and a consensus price target of $9.32.

SoFi Technologies Stock Performance

Shares of SOFI stock traded down $0.15 during mid-day trading on Friday, reaching $11.02. 10,094,948 shares of the company’s stock traded hands, compared to its average volume of 46,789,883. The firm has a market capitalization of $11.75 billion, a PE ratio of 111.71, a price-to-earnings-growth ratio of 1.89 and a beta of 1.70. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The firm has a 50 day moving average price of $8.60 and a two-hundred day moving average price of $7.53. SoFi Technologies has a 12 month low of $6.01 and a 12 month high of $11.50.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.79% and a net margin of 8.38%. The business had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same period in the previous year, the company posted ($0.03) EPS. SoFi Technologies’s revenue was up 29.8% on a year-over-year basis. On average, research analysts forecast that SoFi Technologies will post 0.12 EPS for the current year.

Insider Buying and Selling at SoFi Technologies

In other news, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the transaction, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction dated 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 transaction, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at $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 is available at this link. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the transaction, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at approximately $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. In the last quarter, insiders sold 111,636 shares of company stock worth $904,677. 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.