SoFi Technologies (NASDAQ:SOFI) Issues 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.

SoFi Technologies Stock Down 1.3 %

Shares of NASDAQ:SOFI traded down $0.15 during midday trading on Friday, hitting $11.02. 10,094,948 shares of the stock were exchanged, compared to its average volume of 46,789,883. The business’s fifty day simple moving average is $8.60 and its two-hundred day simple moving average is $7.53. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. SoFi Technologies has a 52-week low of $6.01 and a 52-week high of $11.50. The company has a market capitalization of $11.75 billion, a PE ratio of 111.71, a P/E/G ratio of 1.89 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $697.10 million for the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.79%. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) EPS. As a group, research analysts predict that SoFi Technologies will post 0.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on SOFI. Needham & Company LLC raised their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday. Jefferies Financial Group lifted their target price on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays lifted their target price on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday. Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Keefe, Bruyette & Woods decreased their target price 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. Two investment 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 currently has an average rating of “Hold” and an average target price of $9.32.

Insider Activity

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

About SoFi Technologies

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.