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

Wedbush reaffirmed their underperform rating on shares of SoFi Technologies (NASDAQ:SOFI) in a report issued on Tuesday, Benzinga reports. The brokerage 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.

A number of other equities analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of SoFi Technologies from an underperform rating to a market perform rating and upped their price objective for the stock from $6.50 to $7.50 in a research report on Friday, April 5th. Citigroup started coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They set a buy rating and a $11.00 price objective for the company. 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 for the company. Morgan Stanley reiterated an underweight rating and set a $6.50 price objective (down from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Finally, The Goldman Sachs Group raised their price objective on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a neutral rating in a research note on Tuesday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $9.08.

SoFi Technologies Stock Performance

Shares of SoFi Technologies stock opened at $6.96 on Tuesday. The company has a 50 day moving average of $7.53 and a 200-day moving average of $7.86. SoFi Technologies has a 1-year low of $4.45 and a 1-year high of $11.70. The company has a current ratio of 1.04, a quick ratio of 0.23 and a debt-to-equity ratio of 1.00. The company has a market cap of $6.80 billion, a PE ratio of -22.45 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. The firm’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) EPS. As a group, equities research analysts forecast that SoFi Technologies will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction dated 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 owns 390,616 shares in the company, valued at $2,706,968.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Large investors have recently modified their holdings of the business. GAMMA Investing LLC purchased a new position in shares of SoFi Technologies in the fourth quarter worth about $27,000. Westside Investment Management Inc. increased its stake 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 worth $31,000 after purchasing an additional 1,500 shares in the last quarter. Tortoise Investment Management LLC purchased a new position in shares of SoFi Technologies in the fourth quarter worth about $39,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of SoFi Technologies in the fourth quarter worth about $40,000. Finally, Jones Financial Companies Lllp purchased a new position in shares of SoFi Technologies in the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.