Equities Analysts Issue Forecasts for SoFi Technologies, Inc.’s Q2 2024 Earnings (NASDAQ:SOFI)

SoFi Technologies, Inc. (NASDAQ:SOFI) – Stock analysts at Wedbush cut their Q2 2024 earnings estimates for shares of SoFi Technologies in a report released on Monday, April 29th. Wedbush analyst D. Chiaverini now forecasts that the company will post earnings of $0.01 per share for the quarter, down from their previous forecast of $0.03. Wedbush currently has a “Underperform” rating and a $3.00 target price 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’ Q1 2025 earnings at $0.05 EPS.

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

Several other equities analysts also recently commented on SOFI. The Goldman Sachs Group upped their price objective on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, January 30th. Morgan Stanley restated an “underweight” rating and set a $6.50 price objective (down from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Mizuho decreased their target price on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. 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 report on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $9.08.

SoFi Technologies Stock Down 0.4 %

SOFI opened at $6.96 on Thursday. The stock’s fifty day simple moving average is $7.53 and its 200 day simple moving average is $7.86. SoFi Technologies has a 1-year low of $4.45 and a 1-year high of $11.70. The stock has a market cap of $6.80 billion, a PE ratio of -22.58 and a beta of 1.75. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of SoFi Technologies by 3.5% in the 3rd quarter. Vanguard Group Inc. now owns 76,402,753 shares of the company’s stock valued at $610,458,000 after purchasing an additional 2,567,797 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of SoFi Technologies by 102.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 495,839 shares of the company’s stock worth $3,962,000 after buying an additional 250,854 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of SoFi Technologies by 202.3% during the third quarter. Exchange Traded Concepts LLC now owns 14,963 shares of the company’s stock worth $120,000 after buying an additional 10,013 shares in the last quarter. Baltimore Washington Financial Advisors Inc. lifted its stake in shares of SoFi Technologies by 18.0% in the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 390,098 shares of the company’s stock valued at $3,117,000 after acquiring an additional 59,412 shares during the last quarter. Finally, Hartline Investment Corp boosted its holdings in shares of SoFi Technologies by 3.4% during the 3rd quarter. Hartline Investment Corp now owns 865,756 shares of the company’s stock valued at $6,917,000 after acquiring an additional 28,115 shares in the last quarter. Institutional investors own 38.43% of the company’s stock.

Insider Buying and Selling

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the business’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 transaction 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.

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.