SoFi Technologies (NASDAQ:SOFI) Releases Earnings Results, Beats Expectations By $0.01 EPS

SoFi Technologies (NASDAQ:SOFI) posted its quarterly earnings results on Monday. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01, Briefing.com reports. The company had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. SoFi Technologies’s revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) EPS. SoFi Technologies updated its Q2 2024 guidance to EPS and its FY 2024 guidance to 0.080-0.090 EPS.

SoFi Technologies Stock Performance

NASDAQ:SOFI opened at $7.05 on Tuesday. The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00. SoFi Technologies has a twelve month low of $4.45 and a twelve month high of $11.70. The stock has a market cap of $6.88 billion, a P/E ratio of -18.54 and a beta of 1.75. The firm’s fifty day simple moving average is $7.61 and its 200 day simple moving average is $7.88.

Insider Activity

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the completion of the sale, 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 Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

SOFI has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of SoFi Technologies in a report on Wednesday, January 10th. They set a “hold” rating and a $11.00 target price on the stock. Wedbush reissued an “underperform” rating and set a $3.00 target price on shares of SoFi Technologies in a report on Tuesday. Citigroup initiated coverage on shares of SoFi Technologies in a report on Monday, April 8th. They set a “buy” rating and a $11.00 target price on the stock. Morgan Stanley reissued an “underweight” rating and set a $6.50 target price (down previously from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Finally, The Goldman Sachs Group upped their price target on shares of SoFi Technologies from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.08.

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.