Research Analysts Set Expectations for SoFi Technologies, Inc.’s Q3 2024 Earnings (NASDAQ:SOFI)

SoFi Technologies, Inc. (NASDAQ:SOFI) – Research analysts at Seaport Res Ptn raised their Q3 2024 earnings per share estimates for SoFi Technologies in a report released on Wednesday, September 11th. Seaport Res Ptn analyst W. Ryan now anticipates that the company will post earnings of $0.04 per share for the quarter, up from their prior forecast of $0.02. The consensus estimate for SoFi Technologies’ current full-year earnings is $0.10 per share. Seaport Res Ptn also issued estimates for SoFi Technologies’ Q4 2024 earnings at $0.03 EPS.

Other analysts also recently issued reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a research note on Wednesday, July 31st. Barclays lowered their target price on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. Keefe, Bruyette & Woods reduced their price target on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 9th. Finally, BTIG Research began coverage on SoFi Technologies in a research report on Friday, June 7th. They issued a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.14.

SoFi Technologies Stock Up 3.8 %

SoFi Technologies stock opened at $7.74 on Friday. The stock has a 50-day simple moving average of $7.19 and a 200-day simple moving average of $7.16. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The company has a market capitalization of $8.25 billion, a P/E ratio of -24.97, a PEG ratio of 1.48 and a beta of 1.70. SoFi Technologies has a fifty-two week low of $6.01 and a fifty-two week high of $10.49.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. The firm had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. SoFi Technologies’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.06) EPS.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Kelli Keough sold 24,939 shares of SoFi Technologies stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total transaction of $181,057.14. Following the completion of the transaction, the executive vice president now directly owns 114,407 shares in the company, valued at approximately $830,594.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total value of $360,709.93. Following the sale, the chief technology officer now directly owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOFI. ORG Partners LLC bought a new stake in shares of SoFi Technologies in the 1st quarter valued at about $27,000. Allspring Global Investments Holdings LLC boosted its position in shares of SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after purchasing an additional 1,543 shares in the last quarter. SOA Wealth Advisors LLC. boosted its position in shares of SoFi Technologies by 61.2% during the 1st 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 in the last quarter. GAMMA Investing LLC boosted its position in shares of SoFi Technologies by 65.3% during the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after purchasing an additional 1,981 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of SoFi Technologies during the 1st quarter valued at about $37,000. 38.43% of the stock is owned by institutional investors and hedge funds.

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.