Wedbush Reiterates “Underperform” Rating for SoFi Technologies (NASDAQ:SOFI)

SoFi Technologies (NASDAQ:SOFI)‘s stock had its “underperform” rating reissued by investment analysts at Wedbush in a report released on Tuesday, Benzinga reports. They presently have a $3.00 price target on the stock. Wedbush’s target price would suggest a potential downside of 56.65% from the stock’s previous close. Wedbush also issued estimates for SoFi Technologies’ Q4 2024 earnings at $0.03 EPS and FY2024 earnings at $0.09 EPS.

Other equities research analysts have also recently issued reports about the stock. Mizuho decreased their price objective on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Morgan Stanley reaffirmed an “underweight” rating and set a $6.50 price objective (down from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Keefe, Bruyette & Woods raised shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $6.50 to $7.50 in a research report on Friday, April 5th. Needham & Company LLC assumed coverage on shares of SoFi Technologies in a research report on Wednesday, April 3rd. They issued a “buy” rating and a $10.00 price target for the company. Finally, Citigroup assumed coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They issued a “buy” rating and a $11.00 price target for the company. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $9.08.

SoFi Technologies Stock Up 2.1 %

SoFi Technologies stock opened at $6.92 on Tuesday. SoFi Technologies has a fifty-two week low of $4.45 and a fifty-two week high of $11.70. 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 firm has a 50 day moving average price of $7.58 and a 200 day moving average price of $7.87. The company has a market capitalization of $6.76 billion, a PE ratio of -22.32 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. The company had revenue of $580.60 million during the quarter, compared to analysts’ expectations of $555.27 million. During the same quarter last year, the company posted ($0.05) EPS. The firm’s revenue was up 26.2% compared to the same quarter last year. Research analysts expect that SoFi Technologies will post 0.08 earnings per share for the current year.

Insider Transactions at SoFi Technologies

In other news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the transaction, the chief technology officer now directly owns 390,616 shares in the company, valued at $2,706,968.88. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC purchased a new position in shares of SoFi Technologies during the fourth quarter valued at approximately $27,000. Westside Investment Management Inc. increased its position in SoFi Technologies by 93.8% during the fourth quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock worth $31,000 after purchasing an additional 1,500 shares during the last quarter. SOA Wealth Advisors LLC. raised its position in SoFi Technologies by 61.2% in the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after purchasing an additional 1,713 shares during the period. Future Financial Wealth Managment LLC purchased a new position in SoFi Technologies in the 1st quarter worth approximately $37,000. Finally, Tortoise Investment Management LLC purchased a new position in shares of SoFi Technologies during the 4th quarter valued at approximately $39,000. Hedge funds and other institutional investors own 38.43% 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.