Wedbush Reiterates “Underperform” Rating for SoFi Technologies (NASDAQ:SOFI)

Wedbush reissued their underperform rating on shares of SoFi Technologies (NASDAQ:SOFI) in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a $3.00 price target on the stock. Wedbush also issued estimates for SoFi Technologies’ Q2 2024 earnings at $0.01 EPS, Q4 2024 earnings at $0.03 EPS, FY2024 earnings at $0.09 EPS and Q1 2025 earnings at $0.05 EPS.

Several other research firms have also issued reports on SOFI. Deutsche Bank Aktiengesellschaft assumed coverage on SoFi Technologies in a report on Wednesday, January 10th. They set a hold rating and a $11.00 price target for the company. Keefe, Bruyette & Woods raised shares of SoFi Technologies from an underperform rating to a market perform rating and increased their target price for the stock from $6.50 to $7.50 in a report on Friday, April 5th. Citigroup assumed coverage on shares of SoFi Technologies in a report on Monday, April 8th. They set a buy rating and a $11.00 price target on the stock. Jefferies Financial Group reduced their price objective on shares of SoFi Technologies from $15.00 to $12.00 and set a buy rating for the company in a research note on Tuesday, March 26th. Finally, Needham & Company LLC initiated coverage on shares of SoFi Technologies in a research report on Wednesday, April 3rd. They set a buy rating and a $10.00 price objective on the stock. 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. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $9.08.

SoFi Technologies Stock Performance

Shares of NASDAQ SOFI traded down $0.03 during midday trading on Tuesday, hitting $6.96. 56,460,235 shares of the company’s stock traded hands, compared to its average volume of 54,340,824. 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 has a market capitalization of $6.80 billion, a price-to-earnings ratio of -22.58 and a beta of 1.75. The firm has a fifty day moving average of $7.53 and a 200 day moving average of $7.86. SoFi Technologies has a 1 year low of $4.45 and a 1 year high of $11.70.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. The business had revenue of $580.60 million during the quarter, compared to analysts’ expectations of $555.27 million. During the same period in the prior year, the company earned ($0.05) earnings per share. The firm’s revenue was up 26.2% on a year-over-year basis. On average, analysts forecast that SoFi Technologies will post 0.08 earnings per share for the current year.

Insider Buying and Selling

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the transaction, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds have recently made changes to their positions in SOFI. Norges Bank purchased a new stake in shares of SoFi Technologies during the fourth quarter worth approximately $71,349,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in SoFi Technologies by 176.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after purchasing an additional 6,870,610 shares during the last quarter. Nikko Asset Management Americas Inc. grew its holdings in shares of SoFi Technologies by 176.3% during the first quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after buying an additional 6,870,610 shares in the last quarter. Vanguard Group Inc. raised its position in shares of SoFi Technologies by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock valued at $810,527,000 after buying an additional 5,057,233 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in shares of SoFi Technologies in the fourth quarter worth about $38,595,000. Institutional investors and hedge funds own 38.43% 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.