SoFi Technologies (NASDAQ:SOFI) Releases FY 2024 Earnings Guidance

SoFi Technologies (NASDAQ:SOFI) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.110-0.120 for the period, compared to the consensus estimate of 0.100. The company issued revenue guidance of $2.5 billion-$2.6 billion, compared to the consensus revenue estimate of $2.5 billion. SoFi Technologies also updated its FY24 guidance to $0.11-0.12 EPS.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SOFI shares. Jefferies Financial Group raised their price target on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday. Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Barclays upped their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, The Goldman Sachs Group upped their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research report on Wednesday. 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $9.71.

SoFi Technologies Stock Performance

Shares of SOFI stock remained flat at $11.22 on Thursday. The company had a trading volume of 51,324,098 shares, compared to its average volume of 46,926,801. The business has a 50 day moving average of $8.52 and a two-hundred day moving average of $7.51. SoFi Technologies has a 52-week low of $6.01 and a 52-week high of $11.50. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. The company has a market cap of $11.96 billion, a PE ratio of 110.60, a PEG ratio of 2.08 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The business’s revenue for the quarter was up 29.8% on a year-over-year basis. As a group, sell-side analysts predict that SoFi Technologies will post 0.1 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the stock in a transaction 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 sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value 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 approximately $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,636 shares of company stock valued at $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.