Wedbush Predicts Stronger Earnings for SoFi Technologies

SoFi Technologies, Inc. (NASDAQ:SOFI) – Stock analysts at Wedbush boosted their FY2024 EPS estimates for SoFi Technologies in a research note issued on Tuesday, October 29th. Wedbush analyst D. Chiaverini now anticipates that the company will post earnings per share of $0.12 for the year, up from their previous forecast of $0.09. The consensus estimate for SoFi Technologies’ current full-year earnings is $0.12 per share. Wedbush also issued estimates for SoFi Technologies’ Q4 2024 earnings at $0.04 EPS, Q1 2025 earnings at $0.07 EPS, Q2 2025 earnings at $0.09 EPS, Q3 2025 earnings at $0.10 EPS, Q4 2025 earnings at $0.10 EPS, FY2025 earnings at $0.35 EPS, Q1 2026 earnings at $0.11 EPS, Q2 2026 earnings at $0.11 EPS, Q3 2026 earnings at $0.11 EPS and FY2026 earnings at $0.45 EPS.

A number of other brokerages have also issued reports on SOFI. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Barclays raised their target price on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Wednesday. Jefferies Financial Group boosted their target price on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday. Keefe, Bruyette & Woods cut their price target 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. Finally, Needham & Company LLC boosted their target price on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, SoFi Technologies has an average rating of “Hold” and an average price target of $9.32.

SoFi Technologies Trading Down 1.2 %

SoFi Technologies stock opened at $11.04 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. SoFi Technologies has a 12 month low of $6.01 and a 12 month high of $11.50. The stock’s 50 day simple moving average is $8.67 and its two-hundred day simple moving average is $7.56. The firm has a market cap of $11.77 billion, a PE ratio of 110.41, a P/E/G ratio of 1.89 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.79%. The company had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same period in the prior year, the firm earned ($0.03) earnings per share. The firm’s revenue for the quarter was up 29.8% compared to the same quarter last year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in SoFi Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock valued at $604,632,000 after purchasing an additional 1,366,271 shares during the last quarter. Dimensional Fund Advisors LP increased its position in SoFi Technologies by 263.3% in the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after buying an additional 9,482,683 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in SoFi Technologies by 6.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company’s stock worth $75,737,000 after buying an additional 690,638 shares during the last quarter. Nikko Asset Management Americas Inc. grew its position in shares of SoFi Technologies by 176.3% in the first quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock valued at $78,494,000 after purchasing an additional 6,870,610 shares in the last quarter. Finally, Marshall Wace LLP grew its position in shares of SoFi Technologies by 130.0% in the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after purchasing an additional 3,593,464 shares in the last quarter. 38.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at SoFi Technologies

In other news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $10.36, for a total value of $96,430.88. Following the sale, the executive vice president now directly owns 152,203 shares in the company, valued at approximately $1,576,823.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CTO Jeremy Rishel sold 68,081 shares of the company’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 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 position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $10.36, for a total value of $96,430.88. Following the sale, the executive vice president now owns 152,203 shares in the company, valued at approximately $1,576,823.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,636 shares of company stock valued at $904,677 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

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.