Wedbush Reiterates “Underperform” Rating for SoFi Technologies (NASDAQ:SOFI)

SoFi Technologies (NASDAQ:SOFI)‘s stock had its “underperform” rating reaffirmed by research analysts at Wedbush in a note issued to investors on Tuesday, Benzinga reports. They currently have a $3.00 price target on the stock. Wedbush’s price objective would indicate a potential downside of 56.65% from the company’s current price. Wedbush also issued estimates for SoFi Technologies’ Q4 2024 earnings at $0.03 EPS and FY2024 earnings at $0.09 EPS.

A number of other research analysts have also recently weighed in on the stock. Mizuho lowered their target price on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Morgan Stanley restated an “underweight” rating and set a $6.50 target price (down previously from $7.00) on shares of SoFi Technologies in a research note on Wednesday, January 31st. Citigroup started coverage on shares of SoFi Technologies in a research note on Monday, April 8th. They set a “buy” rating and a $11.00 target price on the stock. Needham & Company LLC started coverage on shares of SoFi Technologies in a research note on Wednesday, April 3rd. They set a “buy” rating and a $10.00 target price on the stock. Finally, The Goldman Sachs Group lifted their target price on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, SoFi Technologies has an average rating of “Hold” and an average price target of $9.08.

SoFi Technologies Trading Up 2.1 %

NASDAQ:SOFI opened at $6.92 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00. SoFi Technologies has a 12 month low of $4.45 and a 12 month high of $11.70. The company has a market cap of $6.76 billion, a PE ratio of -22.32 and a beta of 1.75. The company has a 50 day simple moving average of $7.58 and a two-hundred day simple moving average of $7.87.

SoFi Technologies (NASDAQ:SOFI) last posted its earnings results 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 business had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. During the same quarter in the previous year, the firm posted ($0.05) EPS. The firm’s revenue was up 26.2% on a year-over-year basis. Research analysts forecast that SoFi Technologies will post 0.08 earnings per share for the current year.

Insider Activity at SoFi Technologies

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

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in SoFi Technologies by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock valued at $810,527,000 after acquiring an additional 5,057,233 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of SoFi Technologies by 176.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after buying an additional 6,870,610 shares during the last quarter. Norges Bank purchased a new position in shares of SoFi Technologies in the fourth quarter worth $71,349,000. Charles Schwab Investment Management Inc. raised its holdings in shares of SoFi Technologies by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,493,410 shares of the company’s stock worth $54,659,000 after buying an additional 199,949 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of SoFi Technologies by 15.4% in the third quarter. Northern Trust Corp now owns 4,371,786 shares of the company’s stock worth $34,931,000 after buying an additional 584,335 shares during the last quarter. 38.43% of the stock is currently owned by institutional investors.

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.