SoFi Technologies, Inc. to Post Q3 2022 Earnings of ($0.11) Per Share, Wedbush Forecasts (NASDAQ:SOFI)

SoFi Technologies, Inc. (NASDAQ:SOFIGet Rating) – Research analysts at Wedbush decreased their Q3 2022 EPS estimates for shares of SoFi Technologies in a research report issued on Wednesday, August 3rd. Wedbush analyst D. Chiaverini now expects that the company will post earnings per share of ($0.11) for the quarter, down from their previous estimate of ($0.09). The consensus estimate for SoFi Technologies’ current full-year earnings is ($0.44) per share. Wedbush also issued estimates for SoFi Technologies’ Q4 2022 earnings at ($0.09) EPS, FY2022 earnings at ($0.46) EPS, Q1 2023 earnings at ($0.08) EPS, Q2 2023 earnings at ($0.07) EPS, Q3 2023 earnings at ($0.06) EPS and FY2023 earnings at ($0.25) EPS.

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

Several other equities analysts have also recently commented on the stock. Piper Sandler dropped their target price on shares of SoFi Technologies from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 29th. Credit Suisse Group lifted their target price on shares of SoFi Technologies from $8.00 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday. Mizuho lifted their target price on shares of SoFi Technologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday. Bank of America dropped their target price on shares of SoFi Technologies from $12.00 to $7.00 in a research report on Tuesday, May 10th. Finally, Citigroup dropped their target price on shares of SoFi Technologies from $17.00 to $11.00 in a research report on Thursday, May 12th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, SoFi Technologies has a consensus rating of “Moderate Buy” and an average target price of $13.73.

SoFi Technologies Price Performance

SoFi Technologies stock opened at $7.96 on Friday. SoFi Technologies has a 52 week low of $4.82 and a 52 week high of $24.65. The company’s 50 day moving average price is $6.32 and its two-hundred day moving average price is $8.28. The company has a quick ratio of 5.60, a current ratio of 5.60 and a debt-to-equity ratio of 0.94. The stock has a market cap of $7.29 billion, a P/E ratio of -17.17 and a beta of 1.53.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CEO Anthony Noto purchased 53,540 shares of the stock in a transaction on Thursday, June 16th. The stock was acquired at an average cost of $5.58 per share, with a total value of $298,753.20. Following the completion of the purchase, the chief executive officer now directly owns 3,567,041 shares of the company’s stock, valued at approximately $19,904,088.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Anthony Noto acquired 53,540 shares of the stock in a transaction dated Thursday, June 16th. The stock was purchased at an average cost of $5.58 per share, with a total value of $298,753.20. Following the completion of the purchase, the chief executive officer now owns 3,567,041 shares in the company, valued at approximately $19,904,088.78. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $274,000.00. Following the transaction, the executive vice president now directly owns 1,831,223 shares of the company’s stock, valued at $10,035,102.04. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 257,753 shares of company stock valued at $1,561,711. Insiders own 13.00% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently modified their holdings of SOFI. Janney Montgomery Scott LLC increased its position in shares of SoFi Technologies by 199.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 94,013 shares of the company’s stock valued at $1,486,000 after buying an additional 62,641 shares during the period. Commonwealth Equity Services LLC grew its holdings in SoFi Technologies by 45.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 498,046 shares of the company’s stock worth $7,874,000 after purchasing an additional 155,020 shares during the period. State of New Jersey Common Pension Fund D purchased a new stake in SoFi Technologies in the fourth quarter worth about $5,034,000. Dupont Capital Management Corp purchased a new stake in SoFi Technologies in the fourth quarter worth about $671,000. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in SoFi Technologies in the fourth quarter worth about $382,000. 56.45% of the stock is owned by institutional investors.

SoFi Technologies Company Profile

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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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