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

SoFi Technologies (NASDAQ:SOFI) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 0.080-0.090 for the period, compared to the consensus EPS estimate of 0.080. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. SoFi Technologies also updated its Q2 2024 guidance to EPS.

SoFi Technologies Price Performance

Shares of NASDAQ:SOFI opened at $7.87 on Monday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.23 and a current ratio of 1.04. The stock’s fifty day simple moving average is $7.64 and its two-hundred day simple moving average is $7.89. SoFi Technologies has a 1-year low of $4.45 and a 1-year high of $11.70.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings data on Monday, January 29th. The company reported $0.02 EPS for the quarter. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The firm had revenue of $615.40 million during the quarter, compared to analyst estimates of $572.02 million. During the same quarter last year, the business posted ($0.05) EPS. The company’s revenue for the quarter was up 34.7% on a year-over-year basis. Research analysts expect that SoFi Technologies will post 0.08 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SOFI. Mizuho lowered their price target on shares of SoFi Technologies from $15.00 to $12.00 and set a buy rating on the stock in a report on Thursday, January 18th. Deutsche Bank Aktiengesellschaft assumed coverage on SoFi Technologies in a research note on Wednesday, January 10th. They issued a hold rating and a $11.00 target price on the stock. The Goldman Sachs Group increased their price target on SoFi Technologies from $7.00 to $8.00 and gave the stock a neutral rating in a research note on Tuesday, January 30th. Needham & Company LLC started coverage on SoFi Technologies in a research note on Wednesday, April 3rd. They issued a buy rating and a $10.00 price objective on the stock. Finally, Citigroup initiated coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They set a buy rating and a $11.00 target price for the company. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $9.08.

Insider Buying and Selling

In other news, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the transaction, the chief technology officer now owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by 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.