SoFi Technologies (NASDAQ:SOFI) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

SoFi Technologies (NASDAQ:SOFI - Get Free Report) announced its quarterly earnings results on Monday. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.01, Briefing.com reports. SoFi Technologies had a negative net margin of 14.65% and a negative return on equity of 1.23%. The firm had revenue of $580.60 million for the quarter, compared to the consensus estimate of $555.27 million. During the same quarter last year, the firm posted ($0.05) EPS. The business's quarterly revenue was up 26.2% compared to the same quarter last year. SoFi Technologies updated its Q2 2024 guidance to EPS and its FY 2024 guidance to 0.080-0.090 EPS.

SoFi Technologies Trading Down 3.8 %

SOFI stock traded down $0.27 during mid-day trading on Tuesday, reaching $6.78. 77,846,914 shares of the stock traded hands, compared to its average volume of 54,247,504. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.23 and a current ratio of 1.04. SoFi Technologies has a one year low of $4.45 and a one year high of $11.70. The stock has a market capitalization of $6.62 billion, a PE ratio of -17.82 and a beta of 1.75. The business has a 50-day moving average price of $7.61 and a two-hundred day moving average price of $7.88.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 56,273 shares of the business's 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 owns 390,616 shares in the company, valued at $2,706,968.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of SoFi Technologies from $12.00 to $11.00 and set a "hold" rating for the company in a research note on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 price target on shares of SoFi Technologies in a research note on Tuesday. Citigroup assumed coverage on shares of SoFi Technologies in a research note on Monday, April 8th. They issued a "buy" rating and a $11.00 price target for the company. Mizuho reduced their price target on shares of SoFi Technologies from $15.00 to $12.00 and set a "buy" rating for the company in a research note on Thursday, January 18th. Finally, Keefe, Bruyette & Woods raised shares of SoFi Technologies from an "underperform" rating to a "market perform" rating and raised their price objective for the stock from $6.50 to $7.50 in a report on Friday, April 5th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $9.08.

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.