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

SoFi Technologies (NASDAQ:SOFI) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.090-0.100 for the period, compared to the consensus estimate of 0.090. The company issued revenue guidance of $2.4 billion-$2.5 billion, compared to the consensus revenue estimate of $2.4 billion. SoFi Technologies also updated its FY24 guidance to $0.09-0.10 EPS.

SoFi Technologies Trading Down 0.3 %

NASDAQ:SOFI traded down $0.02 on Tuesday, reaching $7.31. The stock had a trading volume of 70,810,444 shares, compared to its average volume of 46,861,301. The firm’s fifty day moving average is $6.86 and its two-hundred day moving average is $7.36. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24. The company has a market cap of $7.73 billion, a price-to-earnings ratio of -23.61, a P/E/G ratio of 1.72 and a beta of 1.70. SoFi Technologies has a 12-month low of $6.15 and a 12-month high of $11.70.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.10%. The firm had revenue of $580.60 million during the quarter, compared to analysts’ expectations of $555.27 million. During the same period in the previous year, the company earned ($0.05) EPS. SoFi Technologies’s revenue for the quarter was up 26.2% on a year-over-year basis. Equities analysts expect that SoFi Technologies will post 0.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SOFI shares. Needham & Company LLC reiterated a buy rating and set a $10.00 target price on shares of SoFi Technologies in a research report on Tuesday, July 2nd. Keefe, Bruyette & Woods decreased their target price 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. Barclays dropped 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 research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of SoFi Technologies from $12.00 to $11.00 and set a hold rating on the stock in a report on Tuesday, April 30th. Finally, Wedbush reaffirmed an underperform rating and issued a $3.00 target price on shares of SoFi Technologies in a research report on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, SoFi Technologies currently has a consensus rating of Hold and a consensus target price of $9.44.

Insider Activity

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now owns 453,464 shares in the company, valued at approximately $2,906,704.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $6.41, for a total transaction of $360,709.93. Following the sale, the chief technology officer now directly owns 453,464 shares of the company’s stock, valued at $2,906,704.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Anthony Noto purchased 28,775 shares of SoFi Technologies stock in a transaction that occurred on Friday, May 3rd. The stock was acquired at an average cost of $6.90 per share, with a total value of $198,547.50. Following the acquisition, the chief executive officer now directly owns 8,033,369 shares of the company’s stock, valued at approximately $55,430,246.10. The disclosure for this purchase can be found here. Over the last three months, insiders bought 88,390 shares of company stock worth $597,569. 2.60% of the stock is currently owned by company 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.