SoFi Technologies (NASDAQ:SOFI) Releases FY 2024 Earnings Guidance

SoFi Technologies (NASDAQ:SOFI) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.110-0.120 for the period, compared to the consensus estimate of 0.100. The company issued revenue guidance of $2.5 billion-$2.6 billion, compared to the consensus revenue estimate of $2.5 billion. SoFi Technologies also updated its FY24 guidance to $0.11-0.12 EPS.

SoFi Technologies Price Performance

SOFI remained flat at $11.22 on Thursday. 51,324,098 shares of the company’s stock traded hands, compared to its average volume of 46,926,801. The business has a 50-day simple moving average of $8.52 and a two-hundred day simple moving average of $7.51. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.88 and a quick ratio of 0.21. The firm has a market cap of $11.96 billion, a price-to-earnings ratio of 110.60, a P/E/G ratio of 2.08 and a beta of 1.70. SoFi Technologies has a twelve month low of $6.01 and a twelve month high of $11.50.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The firm’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.03) earnings per share. Equities research analysts expect that SoFi Technologies will post 0.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SOFI shares. Jefferies Financial Group boosted their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday. The Goldman Sachs Group boosted their price target on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday. Needham & Company LLC upped 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. Barclays boosted their target price on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Citigroup downgraded SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $9.71.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 152,203 shares in the company, valued at $1,576,823.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $10.36, for a total value of $96,430.88. Following the completion of the sale, the executive vice president now owns 152,203 shares in the company, valued at $1,576,823.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the 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 sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,636 shares of company stock worth $904,677 in the last ninety days. 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.