SoFi Technologies (NASDAQ:SOFI) Posts Quarterly Earnings Results

SoFi Technologies (NASDAQ:SOFI) announced its earnings results on Tuesday. The company reported $0.05 EPS for the quarter, topping the consensus estimate 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 company had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. During the same period last year, the company posted ($0.03) earnings per share. The business’s revenue for the quarter 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 Stock Performance

Shares of NASDAQ:SOFI traded up $0.79 on Wednesday, reaching $11.26. 54,712,311 shares of the company’s stock were exchanged, compared to its average volume of 46,693,977. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $12.00 billion, a price-to-earnings ratio of 113.10, a PEG ratio of 2.08 and a beta of 1.70. The company has a fifty day moving average of $8.45 and a 200-day moving average of $7.48. SoFi Technologies has a twelve month low of $6.01 and a twelve month high of $11.35.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Needham & Company LLC raised their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday. Keefe, Bruyette & Woods dropped their price target 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. Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Barclays dropped their target price on shares of 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. Finally, Jefferies Financial Group lifted their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, SoFi Technologies presently has an average rating of “Hold” and a consensus target price of $9.58.

Insider Buying and Selling

In other news, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction on 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction on 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 owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies 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 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,636 shares of company stock worth $904,677. Corporate 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.