Q2 2024 Earnings Forecast for SoFi Technologies, Inc. Issued By Wedbush (NASDAQ:SOFI)

SoFi Technologies, Inc. (NASDAQ:SOFI) – Equities researchers at Wedbush dropped their Q2 2024 earnings estimates for SoFi Technologies in a note issued to investors on Monday, April 29th. Wedbush analyst D. Chiaverini now anticipates that the company will post earnings of $0.01 per share for the quarter, down from their previous forecast of $0.03. Wedbush currently has a “Underperform” rating and a $3.00 target price on the stock. The consensus estimate for SoFi Technologies’ current full-year earnings is $0.08 per share. Wedbush also issued estimates for SoFi Technologies’ Q1 2025 earnings at $0.05 EPS.

SoFi Technologies (NASDAQ:SOFI) last posted its earnings results on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. SoFi Technologies had a positive return on equity of 1.13% and a negative net margin of 8.21%. The firm had revenue of $580.60 million for the quarter, compared to the consensus estimate of $555.27 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. The business’s quarterly revenue was up 26.2% on a year-over-year basis.

Several other brokerages have also recently weighed in on SOFI. Mizuho decreased their price target on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. Morgan Stanley reissued an “underweight” rating and issued a $6.50 price target (down from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Keefe, Bruyette & Woods raised shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $6.50 to $7.50 in a report on Friday, April 5th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research report on Tuesday. Finally, Citigroup started coverage on SoFi Technologies in a research report on Monday, April 8th. They set a “buy” rating and a $11.00 target price for the company. Three analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $9.08.

SoFi Technologies Stock Performance

Shares of SOFI opened at $6.96 on Thursday. SoFi Technologies has a 52-week low of $4.45 and a 52-week high of $11.70. The stock’s 50-day simple moving average is $7.53 and its 200 day simple moving average is $7.86. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.23 and a current ratio of 1.04. The stock has a market capitalization of $6.80 billion, a price-to-earnings ratio of -22.58 and a beta of 1.75.

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the transaction, the chief technology officer now owns 390,616 shares in the company, valued at approximately $2,706,968.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of SoFi Technologies during the fourth quarter valued at approximately $71,349,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position in SoFi Technologies by 176.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock valued at $78,601,000 after buying an additional 6,870,610 shares during the period. Nikko Asset Management Americas Inc. boosted its position in SoFi Technologies by 176.3% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock valued at $78,494,000 after buying an additional 6,870,610 shares during the period. Vanguard Group Inc. grew its holdings in SoFi Technologies by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock worth $810,527,000 after acquiring an additional 5,057,233 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in shares of SoFi Technologies in the fourth quarter valued at about $38,595,000. 38.43% of the stock is currently owned by institutional investors.

SoFi Technologies Company Profile

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.