SoFi Technologies (NASDAQ:SOFI) Given “Underperform” Rating at Wedbush

Wedbush restated their underperform rating on shares of SoFi Technologies (NASDAQ:SOFI) in a research report report published on Tuesday, Benzinga reports. Wedbush 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 equities research analysts have also recently issued reports on SOFI. Mizuho reduced their price objective on shares of SoFi Technologies from $15.00 to $12.00 and set a buy rating on the stock in a research report on Thursday, January 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of SoFi Technologies in a research report on Wednesday, January 10th. They set a hold rating and a $11.00 price objective on the stock. Keefe, Bruyette & Woods upgraded shares of SoFi Technologies from an underperform rating to a market perform rating and lifted their price objective for the company from $6.50 to $7.50 in a research report on Friday, April 5th. Morgan Stanley reiterated an underweight rating and set a $6.50 price objective (down previously from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Finally, Needham & Company LLC assumed coverage on shares of SoFi Technologies in a report on Wednesday, April 3rd. They issued a buy rating and a $10.00 target price for the company. 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. According to data from MarketBeat.com, SoFi Technologies has an average rating of Hold and an average target price of $9.08.

SoFi Technologies Price Performance

NASDAQ SOFI opened at $6.96 on Tuesday. SoFi Technologies has a 12 month low of $4.45 and a 12 month high of $11.70. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of -22.45 and a beta of 1.75. The company’s 50 day moving average is $7.53 and its two-hundred day moving average is $7.86. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, topping 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 company had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. During the same quarter last year, the business earned ($0.05) EPS. The firm’s revenue was up 26.2% compared to the same quarter last year. As a group, research analysts anticipate that SoFi Technologies will post 0.08 earnings per share for the current year.

Insider Activity

In other 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 completion of the sale, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Large investors have recently made changes to their positions in the stock. GAMMA Investing LLC purchased a new stake in shares of SoFi Technologies during the fourth quarter valued at $27,000. Westside Investment Management Inc. raised its holdings in shares of SoFi Technologies by 93.8% in the fourth quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock valued at $31,000 after acquiring an additional 1,500 shares in the last quarter. SOA Wealth Advisors LLC. raised its holdings in shares of SoFi Technologies by 61.2% in the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after acquiring an additional 1,713 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of SoFi Technologies in the first quarter valued at about $37,000. Finally, Tortoise Investment Management LLC bought a new stake in shares of SoFi Technologies in the fourth quarter valued at about $39,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

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.