SoFi Technologies (NASDAQ:SOFI) Updates FY24 Earnings Guidance

SoFi Technologies (NASDAQ:SOFI) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.09-0.10 for the period, compared to the consensus estimate of $0.09. The company issued revenue guidance of $2.43-2.47 billion, compared to the consensus revenue estimate of $2.40 billion. SoFi Technologies also updated its FY 2024 guidance to 0.090-0.100 EPS.

SoFi Technologies Stock Down 0.8 %

SOFI traded down $0.06 during trading on Tuesday, hitting $7.27. 68,080,747 shares of the company’s stock were exchanged, compared to its average volume of 46,846,773. The company has a quick ratio of 0.24, a current ratio of 0.93 and a debt-to-equity ratio of 0.50. The stock has a market cap of $7.69 billion, a P/E ratio of -23.61, a PEG ratio of 1.72 and a beta of 1.70. SoFi Technologies has a fifty-two week low of $6.15 and a fifty-two week high of $11.70. The business’s 50 day moving average is $6.86 and its two-hundred day moving average is $7.36.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Monday, April 29th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.10%. The company had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. During the same period last year, the firm earned ($0.05) EPS. SoFi Technologies’s revenue for the quarter was up 26.2% on a year-over-year basis. As a group, equities analysts expect that SoFi Technologies will post 0.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SOFI has been the topic of a number of recent research reports. Keefe, Bruyette & Woods dropped their price objective on SoFi Technologies from $7.50 to $7.00 and set a market perform rating on the stock in a report on Tuesday, July 9th. Wedbush reaffirmed an underperform rating and set a $3.00 target price on shares of SoFi Technologies in a report on Tuesday, April 30th. Needham & Company LLC reissued a buy rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Tuesday, July 2nd. Citigroup started coverage on SoFi Technologies in a research report on Monday, April 8th. They issued a buy rating and a $11.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on SoFi Technologies from $12.00 to $11.00 and set a hold rating for the company in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $9.44.

Insider Transactions at SoFi Technologies

In related news, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the transaction, the chief technology officer now owns 453,464 shares in the company, valued at $2,906,704.24. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $6.41, for a total value of $360,709.93. Following the completion of the transaction, the chief technology officer now directly owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Qatar Investment Authority sold 19,840,073 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $6.78, for a total transaction of $134,515,694.94. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 88,390 shares of company stock worth $597,569. 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.