Oppenheimer Research Analysts Boost Earnings Estimates for SoFi Technologies, Inc. (NASDAQ:SOFI)

SoFi Technologies, Inc. (NASDAQ:SOFI – Get Rating) – Equities research analysts at Oppenheimer raised their Q2 2022 earnings per share estimates for SoFi Technologies in a note issued to investors on Wednesday, May 11th. Oppenheimer analyst D. Gabriele now expects that the company will post earnings per share of ($0.12) for the quarter, up from their previous estimate of ($0.13). Oppenheimer has a “Outperform” rating and a $13.00 price target on the stock. Oppenheimer also issued estimates for SoFi Technologies’ Q3 2022 earnings at ($0.11) EPS, Q4 2022 earnings at ($0.10) EPS, FY2022 earnings at ($0.47) EPS and FY2023 earnings at ($0.27) EPS.

SoFi Technologies (NASDAQ:SOFI – Get Rating) last announced its earnings results on Tuesday, May 10th. The company reported ($0.14) EPS for the quarter, hitting the consensus estimate of ($0.14). The business had revenue of $321.70 million for the quarter, compared to the consensus estimate of $283.99 million. SoFi Technologies had a negative return on equity of 9.24% and a negative net margin of 36.32%. SoFi Technologies’s revenue was up 48.9% compared to the same quarter last year.

Several other research firms have also recently weighed in on SOFI. Piper Sandler assumed coverage on shares of SoFi Technologies in a research report on Monday, March 7th. They issued a “neutral” rating and a $12.00 price objective for the company. Rosenblatt Securities dropped their price objective on shares of SoFi Technologies from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, February 23rd. Credit Suisse Group dropped their price objective on shares of SoFi Technologies from $15.50 to $9.50 in a research report on Wednesday, May 11th. Bank of America dropped their price objective on shares of SoFi Technologies from $12.00 to $7.00 in a research report on Tuesday, May 10th. Finally, Morgan Stanley cut shares of SoFi Technologies from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $18.00 to $10.00 in a research report on Wednesday, March 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $14.58.

SOFI stock opened at $6.75 on Monday. The company has a debt-to-equity ratio of 0.94, a current ratio of 5.60 and a quick ratio of 22.93. The company has a 50 day moving average price of $7.90 and a 200 day moving average price of $12.65. SoFi Technologies has a fifty-two week low of $4.82 and a fifty-two week high of $24.95. The stock has a market capitalization of $5.59 billion, a PE ratio of -8.23 and a beta of 0.90.

A number of hedge funds and other institutional investors have recently made changes to their positions in SOFI. WASHINGTON TRUST Co acquired a new position in SoFi Technologies in the 1st quarter worth $26,000. US Bancorp DE boosted its stake in shares of SoFi Technologies by 197.0% during the 1st quarter. US Bancorp DE now owns 3,015 shares of the company’s stock worth $28,000 after buying an additional 2,000 shares during the last quarter. Herold Advisors Inc. bought a new stake in shares of SoFi Technologies in the 1st quarter valued at about $29,000. SOA Wealth Advisors LLC. raised its holdings in shares of SoFi Technologies by 113.3% in the 1st quarter. SOA Wealth Advisors LLC. now owns 3,200 shares of the company’s stock valued at $30,000 after purchasing an additional 1,700 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC raised its holdings in shares of SoFi Technologies by 119.4% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,975 shares of the company’s stock valued at $31,000 after purchasing an additional 1,075 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

In other news, CEO Anthony Noto acquired 19,042 shares of the stock in a transaction that occurred on Monday, March 14th. The stock was acquired at an average price of $7.85 per share, for a total transaction of $149,479.70. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Micah Heavener sold 5,000 shares of the company’s stock in a transaction on Thursday, March 17th. The stock was sold at an average price of $8.01, for a total transaction of $40,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 97,640 shares of company stock valued at $871,799. 35.10% of the stock is owned by corporate insiders.

SoFi Technologies Company Profile (Get Rating)

SoFi Technologies, Inc provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company's lending and financial services and products allows its members to borrow, save, spend, invest, and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.

Recommended Stories