SoFi Technologies (NASDAQ:SOFI) Releases Quarterly Earnings Results

SoFi Technologies (NASDAQ:SOFIGet Free Report) released its quarterly earnings data on Monday. The company reported $0.02 earnings per share for the quarter, MarketWatch Earnings reports. The company had revenue of $615.40 million for the quarter, compared to the consensus estimate of $572.02 million. SoFi Technologies had a negative return on equity of 1.23% and a negative net margin of 14.65%. SoFi Technologies’s revenue for the quarter was up 34.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) EPS.

SoFi Technologies Price Performance

Shares of NASDAQ SOFI opened at $8.40 on Wednesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.23 and a current ratio of 1.52. The firm’s 50-day simple moving average is $8.39 and its 200 day simple moving average is $8.32. The stock has a market cap of $8.05 billion, a price-to-earnings ratio of -22.11 and a beta of 1.80. SoFi Technologies has a fifty-two week low of $4.45 and a fifty-two week high of $11.70.

Analysts Set New Price Targets

A number of brokerages have recently commented on SOFI. Citigroup cut their price target on shares of SoFi Technologies from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, November 24th. Truist Financial cut their price target on shares of SoFi Technologies from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, October 31st. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $6.50 price target (down previously from $7.50) on shares of SoFi Technologies in a research report on Wednesday, January 3rd. Barclays started coverage on shares of SoFi Technologies in a research report on Wednesday, November 15th. They issued an “equal weight” rating and a $8.00 price target on the stock. Finally, Morgan Stanley restated an “underweight” rating and issued a $6.50 price target (down previously from $7.00) on shares of SoFi Technologies in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.61.

Get Our Latest Stock Report on SoFi Technologies

Insider Transactions at SoFi Technologies

In related news, CFO Christopher Lapointe acquired 14,950 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were acquired at an average cost of $6.69 per share, for a total transaction of $100,015.50. Following the purchase, the chief financial officer now owns 827,068 shares in the company, valued at $5,533,084.92. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other SoFi Technologies news, insider Chad M. Borton sold 152,041 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $7.99, for a total value of $1,214,807.59. Following the completion of the sale, the insider now owns 157,857 shares in the company, valued at approximately $1,261,277.43. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Christopher Lapointe acquired 14,950 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was purchased at an average price of $6.69 per share, with a total value of $100,015.50. Following the purchase, the chief financial officer now owns 827,068 shares in the company, valued at approximately $5,533,084.92. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 81,450 shares of company stock valued at $544,586 and sold 344,146 shares valued at $2,794,764. Company insiders own 2.70% of the company’s stock.

Institutional Trading of SoFi Technologies

A number of large investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC increased its holdings in SoFi Technologies by 15.5% during the fourth quarter. International Assets Investment Management LLC now owns 25,675 shares of the company’s stock worth $255,000 after buying an additional 3,450 shares during the last quarter. Wellington Management Group LLP increased its holdings in SoFi Technologies by 25.8% in the 3rd quarter. Wellington Management Group LLP now owns 63,870 shares of the company’s stock worth $510,000 after acquiring an additional 13,109 shares during the last quarter. American Century Companies Inc. increased its holdings in SoFi Technologies by 10.4% in the 3rd quarter. American Century Companies Inc. now owns 215,706 shares of the company’s stock worth $1,723,000 after acquiring an additional 20,378 shares during the last quarter. Comerica Bank purchased a new stake in SoFi Technologies in the 3rd quarter worth about $152,000. Finally, Mercer Global Advisors Inc. ADV increased its holdings in SoFi Technologies by 143.5% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 96,572 shares of the company’s stock worth $772,000 after acquiring an additional 56,914 shares during the last quarter. Hedge funds and other institutional investors own 37.13% of the company’s stock.

About SoFi Technologies

(Get Free Report)

SoFi Technologies, Inc provides various financial services. 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. It also offers personal loans, student loans, home loans, and related services.

Further Reading

Earnings History for SoFi Technologies (NASDAQ:SOFI)

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