Wedbush Raises Earnings Estimates for SoFi Technologies

SoFi Technologies, Inc. (NASDAQ:SOFI) – Research analysts at Wedbush boosted their FY2024 earnings per share (EPS) estimates for shares of SoFi Technologies in a report released on Tuesday, October 29th. Wedbush analyst D. Chiaverini now forecasts that the company will earn $0.12 per share for the year, up from their previous estimate of $0.09. The consensus estimate for SoFi Technologies’ current full-year earnings is $0.10 per share. Wedbush also issued estimates for SoFi Technologies’ Q4 2024 earnings at $0.04 EPS, Q1 2025 earnings at $0.07 EPS, Q2 2025 earnings at $0.09 EPS, Q3 2025 earnings at $0.10 EPS, Q4 2025 earnings at $0.10 EPS, FY2025 earnings at $0.35 EPS, Q1 2026 earnings at $0.11 EPS, Q2 2026 earnings at $0.11 EPS, Q3 2026 earnings at $0.11 EPS and FY2026 earnings at $0.45 EPS.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same period in the previous year, the business posted ($0.03) EPS. The business’s quarterly revenue was up 29.8% on a year-over-year basis.

A number of other equities research analysts have also weighed in on the company. The Goldman Sachs Group increased their target price on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday. Jefferies Financial Group increased their price objective on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday. 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 note on Tuesday, July 9th. Needham & Company LLC increased their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Barclays raised their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $9.32.

SoFi Technologies Stock Performance

NASDAQ SOFI opened at $11.17 on Thursday. The firm has a market cap of $11.91 billion, a price-to-earnings ratio of 111.70, a PEG ratio of 2.08 and a beta of 1.70. The company has a 50-day simple moving average of $8.60 and a two-hundred day simple moving average of $7.53. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. SoFi Technologies has a 12-month low of $6.01 and a 12-month high of $11.50.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SOFI. ORG Partners LLC bought a new position in shares of SoFi Technologies during the first quarter valued at $27,000. Allspring Global Investments Holdings LLC increased its stake in SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after purchasing an additional 1,543 shares in the last quarter. Waldron Private Wealth LLC purchased a new position in SoFi Technologies in the third quarter worth about $39,000. GAMMA Investing LLC lifted its stake in shares of SoFi Technologies by 65.3% in the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock worth $33,000 after buying an additional 1,981 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in shares of SoFi Technologies during the third quarter valued at approximately $47,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

Insider Activity at SoFi Technologies

In other news, EVP Kelli Keough sold 24,939 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the transaction, the executive vice president now owns 114,407 shares in the company, valued at $830,594.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the transaction, the chief technology officer now owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This trade represents 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 this link. Also, EVP Kelli Keough sold 24,939 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the sale, the executive vice president now directly owns 114,407 shares in the company, valued at approximately $830,594.82. 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 worth $904,677 over the last 90 days. 2.60% of the stock is 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.