Brokers Set Expectations for SoFi Technologies, Inc.’s Q2 2023 Earnings (NASDAQ:SOFI)

SoFi Technologies, Inc. (NASDAQ:SOFI – Get Rating) – Equities researchers at Seaport Res Ptn reduced their Q2 2023 earnings per share (EPS) estimates for SoFi Technologies in a note issued to investors on Monday, May 15th. Seaport Res Ptn analyst W. Ryan now anticipates that the company will earn ($0.10) per share for the quarter, down from their previous estimate of ($0.08). The consensus estimate for SoFi Technologies’ current full-year earnings is ($0.18) per share. Seaport Res Ptn also issued estimates for SoFi Technologies’ Q3 2023 earnings at ($0.09) EPS, Q4 2023 earnings at ($0.09) EPS, FY2023 earnings at ($0.32) EPS and FY2024 earnings at ($0.16) EPS.

SoFi Technologies (NASDAQ:SOFI – Get Rating) last announced its quarterly earnings results on Monday, May 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. SoFi Technologies had a negative return on equity of 4.70% and a negative net margin of 13.72%. The business had revenue of $460.20 million for the quarter, compared to analyst estimates of $436.78 million. During the same quarter in the prior year, the company earned ($0.14) earnings per share. The company’s quarterly revenue was up 43.1% on a year-over-year basis.

A number of other analysts have also commented on SOFI. Morgan Stanley lifted their price target on SoFi Technologies from $6.00 to $6.50 and gave the stock an “equal weight” rating in a report on Wednesday, February 8th. Mizuho lifted their price target on SoFi Technologies from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, February 15th. Oppenheimer lifted their price target on SoFi Technologies from $6.00 to $7.00 and gave the stock an “outperform” rating in a report on Tuesday, January 31st. Credit Suisse Group dropped their price target on SoFi Technologies from $8.00 to $7.50 and set a “neutral” rating on the stock in a report on Tuesday, January 31st. Finally, Wedbush downgraded SoFi Technologies from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $5.00 to $2.50 in a research report on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.14.

SoFi Technologies Stock Up 4.2 %

SOFI stock opened at $4.96 on Wednesday. SoFi Technologies has a twelve month low of $4.24 and a twelve month high of $8.52. The company has a quick ratio of 0.31, a current ratio of 1.80 and a debt-to-equity ratio of 1.17. The stock’s 50 day moving average is $5.60 and its 200-day moving average is $5.56. The firm has a market capitalization of $4.64 billion, a PE ratio of -16.00 and a beta of 1.65.

Insider Activity

In other SoFi Technologies news, CEO Anthony Noto bought 3,926 shares of SoFi Technologies stock in a transaction that occurred on Saturday, March 4th. The stock was acquired at an average cost of $10.19 per share, for a total transaction of $40,005.94. Following the completion of the transaction, the chief executive officer now directly owns 5,926 shares in the company, valued at $60,385.94. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Anthony Noto acquired 3,926 shares of the business’s stock in a transaction dated Saturday, March 4th. The stock was purchased at an average cost of $10.19 per share, for a total transaction of $40,005.94. Following the acquisition, the chief executive officer now owns 5,926 shares of the company’s stock, valued at $60,385.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Jeremy Rishel sold 81,000 shares of the company’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $6.46, for a total value of $523,260.00. Following the completion of the transaction, the chief technology officer now owns 161,944 shares of the company’s stock, valued at $1,046,158.24. The disclosure for this sale can be found here. Over the last three months, insiders purchased 341,926 shares of company stock worth $1,776,266. 13.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of SOFI. Vanguard Group Inc. boosted its holdings in SoFi Technologies by 7.8% during the 3rd quarter. Vanguard Group Inc. now owns 66,808,733 shares of the company’s stock valued at $326,027,000 after acquiring an additional 4,846,633 shares during the period. BlackRock Inc. lifted its holdings in SoFi Technologies by 1.1% in the 1st quarter. BlackRock Inc. now owns 35,820,228 shares of the company’s stock worth $217,429,000 after buying an additional 372,563 shares during the period. Moneta Group Investment Advisors LLC purchased a new stake in SoFi Technologies in the 4th quarter worth approximately $83,643,000. State Street Corp lifted its holdings in SoFi Technologies by 6.3% in the 1st quarter. State Street Corp now owns 12,112,737 shares of the company’s stock worth $73,524,000 after buying an additional 721,911 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in SoFi Technologies by 4.2% in the 1st quarter. Geode Capital Management LLC now owns 12,051,675 shares of the company’s stock worth $73,154,000 after buying an additional 484,530 shares during the period. 34.32% of the stock is currently owned by hedge funds and other 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.