Wedbush Equities Analysts Lift Earnings Estimates for SOFI

SoFi Technologies, Inc. (NASDAQ:SOFI) – Analysts at Wedbush raised their FY2024 earnings estimates for SoFi Technologies in a research report issued on Tuesday, October 29th. Wedbush analyst D. Chiaverini now expects that the company will post earnings per share of $0.12 for the year, up from their prior forecast of $0.09. The consensus estimate for SoFi Technologies’ current full-year earnings is $0.10 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.

SOFI has been the topic of a number of other research reports. Needham & Company LLC raised their price target on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday. 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. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Jefferies Financial Group lifted their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods lowered their target price 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. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SoFi Technologies has a consensus rating of “Hold” and a consensus price target of $9.71.

SoFi Technologies Trading Up 7.2 %

NASDAQ SOFI opened at $11.22 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. The company has a market capitalization of $11.96 billion, a PE ratio of 112.20, a P/E/G ratio of 2.08 and a beta of 1.70. The stock has a 50-day simple moving average of $8.52 and a 200 day simple moving average of $7.51. SoFi Technologies has a 12 month low of $6.01 and a 12 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, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The business had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same quarter last year, the business posted ($0.03) earnings per share. SoFi Technologies’s revenue for the quarter was up 29.8% compared to the same quarter last year.

Insider Buying and Selling

In other news, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $10.36, for a total value of $96,430.88. Following the transaction, the executive vice president now owns 152,203 shares in the company, valued at approximately $1,576,823.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, 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 sale, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 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 of the company’s stock, valued at $1,576,823.08. This trade 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. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently modified their holdings of SOFI. ORG Partners LLC purchased a new position in shares of SoFi Technologies during the 1st quarter worth approximately $27,000. Allspring Global Investments Holdings LLC grew its stake in SoFi Technologies by 55.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after purchasing an additional 1,543 shares during the period. Waldron Private Wealth LLC bought a new position in SoFi Technologies in the third quarter worth $39,000. GAMMA Investing LLC lifted its position in SoFi Technologies by 65.3% during the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after buying an additional 1,981 shares during the period. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in shares of SoFi Technologies during the 3rd quarter valued at $47,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.