SoFi Technologies (NASDAQ:SOFI) Updates FY24 Earnings Guidance

SoFi Technologies (NASDAQ:SOFI) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.11-0.12 for the period, compared to the consensus earnings per share estimate of $0.10. The company issued revenue guidance of 2.54-2.55 billion, compared to the consensus revenue estimate of $2.46 billion. SoFi Technologies also updated its FY 2024 guidance to 0.110-0.120 EPS.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Barclays boosted their price target on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Jefferies Financial Group boosted their price target on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday. The Goldman Sachs Group boosted their price target on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Needham & Company LLC lifted their price objective on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $9.71.

SoFi Technologies Stock Performance

SOFI traded down $0.05 during midday trading on Thursday, reaching $11.17. The company had a trading volume of 58,962,756 shares, compared to its average volume of 46,962,715. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average of $8.52 and a two-hundred day moving average of $7.51. The company has a market cap of $11.91 billion, a P/E ratio of 110.60, a P/E/G ratio of 2.08 and a beta of 1.70. SoFi Technologies has a 1 year low of $6.01 and a 1 year high of $11.50.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The business’s quarterly revenue was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.03) earnings per share. As a group, equities research analysts predict that SoFi Technologies will post 0.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the sale, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $10.36, for a total value of $96,430.88. Following the transaction, the executive vice president now directly owns 152,203 shares in the company, valued at $1,576,823.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the transaction, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,636 shares of company stock worth $904,677 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.

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.