SoFi Technologies (NASDAQ:SOFI) Issues Quarterly Earnings Results

by · The Cerbat Gem

SoFi Technologies (NASDAQ:SOFI – Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01, Briefing.com reports. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The company had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. During the same period last year, the company posted ($0.03) earnings per share. The firm’s revenue was up 29.8% compared to the same quarter last year. SoFi Technologies updated its FY 2024 guidance to 0.110-0.120 EPS and its FY24 guidance to $0.11-0.12 EPS.

SoFi Technologies Stock Performance

Shares of NASDAQ:SOFI traded up $0.80 during trading on Wednesday, hitting $11.27. 55,244,438 shares of the company traded hands, compared to its average volume of 46,715,836. The stock has a market capitalization of $12.01 billion, a price-to-earnings ratio of 113.10, a PEG ratio of 2.08 and a beta of 1.70. The business’s fifty day moving average is $8.45 and its 200-day moving average is $7.48. SoFi Technologies has a one year low of $6.01 and a one year high of $11.35. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53.

Insider Transactions at SoFi Technologies

In other news, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the transaction, the executive vice president now owns 161,511 shares of the company’s stock, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 111,636 shares of company stock worth $904,677. Company insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Keefe, Bruyette & Woods cut their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. 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. Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Barclays cut their price target on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Finally, Needham & Company LLC boosted their price target on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SoFi Technologies presently has a consensus rating of “Hold” and a consensus price target of $9.58.

Check Out Our Latest Stock Report on SOFI

About SoFi Technologies

(Get Free Report)

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.

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