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 guidance of 0.110-0.120 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

A number of research analysts recently commented on SOFI shares. Citigroup downgraded SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Barclays cut their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Keefe, Bruyette & Woods reduced their price target on shares of 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 restated a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a research report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, SoFi Technologies presently has an average rating of “Hold” and an average price target of $9.25.

SoFi Technologies Price Performance

Shares of NASDAQ SOFI traded down $0.79 during mid-day trading on Tuesday, hitting $10.40. 108,455,047 shares of the stock traded hands, compared to its average volume of 46,404,871. The company has a market cap of $11.00 billion, a PE ratio of -33.00, a price-to-earnings-growth 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 $11.34. 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 50 day simple moving average of $8.38 and a two-hundred day simple moving average of $7.46.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The company had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $565.19 million. During the same period in the previous year, the business posted ($0.06) earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts forecast that SoFi Technologies will post 0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction on Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction 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. The trade was 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 the SEC website. In other news, EVP Kelli Keough sold 9,308 shares of the 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 of the company’s stock, valued at approximately $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 accessible through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $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 111,636 shares of company stock valued at $904,677 in the last ninety days. 2.60% of the stock is currently owned by insiders.

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.