Wedbush Comments on SoFi Technologies, Inc.’s FY2024 Earnings (NASDAQ:SOFI)

SoFi Technologies, Inc. (NASDAQ:SOFIGet Rating) – Stock analysts at Wedbush lifted their FY2024 earnings per share estimates for SoFi Technologies in a research report issued on Wednesday, August 3rd. Wedbush analyst D. Chiaverini now anticipates that the company will post earnings per share of $0.10 for the year, up from their previous estimate of $0.08. The consensus estimate for SoFi Technologies’ current full-year earnings is ($0.44) per share. Wedbush also issued estimates for SoFi Technologies’ FY2025 earnings at $0.28 EPS and FY2026 earnings at $0.55 EPS.

SoFi Technologies (NASDAQ:SOFIGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported ($0.14) EPS for the quarter, hitting the consensus estimate of ($0.14). The company had revenue of $321.70 million during the quarter, compared to analyst estimates of $283.99 million. SoFi Technologies had a negative return on equity of 7.53% and a negative net margin of 27.19%. The company’s quarterly revenue was up 48.9% on a year-over-year basis.

Other analysts also recently issued research reports about the stock. Piper Sandler decreased their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Wednesday, June 29th. Bank of America decreased their price objective on shares of SoFi Technologies from $12.00 to $7.00 in a research note on Tuesday, May 10th. Oppenheimer decreased their price objective on shares of SoFi Technologies from $18.00 to $13.00 and set an “outperform” rating for the company in a research note on Thursday, April 7th. Mizuho raised their price objective on shares of SoFi Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Citigroup decreased their price objective on shares of SoFi Technologies from $17.00 to $11.00 in a research note on Thursday, May 12th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $13.73.

SoFi Technologies Stock Performance

SOFI opened at $8.23 on Thursday. The firm has a market cap of $7.54 billion, a P/E ratio of -17.63 and a beta of 1.53. SoFi Technologies has a 12 month low of $4.82 and a 12 month high of $24.65. The company has a current ratio of 5.60, a quick ratio of 5.60 and a debt-to-equity ratio of 0.94. The stock has a 50-day moving average of $6.30 and a 200 day moving average of $8.32.

Institutional Trading of SoFi Technologies

Several large investors have recently bought and sold shares of SOFI. Riverwood Capital Management Ltd. purchased a new stake in SoFi Technologies during the 1st quarter valued at about $207,873,000. DCM International VI Ltd. purchased a new stake in SoFi Technologies during the 4th quarter valued at about $185,092,000. State Street Corp grew its stake in shares of SoFi Technologies by 222.0% in the 4th quarter. State Street Corp now owns 5,929,036 shares of the company’s stock valued at $93,738,000 after buying an additional 4,087,917 shares during the period. Banco BTG Pactual S.A. purchased a new stake in shares of SoFi Technologies in the 1st quarter valued at approximately $18,467,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of SoFi Technologies by 2,626.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,440,932 shares of the company’s stock valued at $13,616,000 after buying an additional 1,388,088 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Michelle Gill sold 50,000 shares of the company’s stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $5.48, for a total value of $274,000.00. Following the completion of the transaction, the executive vice president now owns 1,831,223 shares in the company, valued at $10,035,102.04. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Anthony Noto acquired 46,500 shares of the firm’s stock in a transaction on Monday, June 13th. The stock was acquired at an average price of $5.37 per share, for a total transaction of $249,705.00. Following the completion of the transaction, the chief executive officer now owns 3,513,501 shares in the company, valued at approximately $18,867,500.37. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michelle Gill sold 50,000 shares of the company’s stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $5.48, for a total transaction of $274,000.00. Following the transaction, the executive vice president now owns 1,831,223 shares of the company’s stock, valued at approximately $10,035,102.04. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 257,753 shares of company stock valued at $1,561,711. 13.00% of the stock is owned by insiders.

About SoFi Technologies

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SoFi Technologies, Inc provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company's lending and financial services and products allows its members to borrow, save, spend, invest, and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.

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Earnings History and Estimates for SoFi Technologies (NASDAQ:SOFI)

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