SoFi Technologies, Inc. (NASDAQ: SOFI – Get a rating) – Equity research analysts Oppenheimer raised their third-quarter 2022 earnings estimates for SoFi Technologies in a note to investors on Wednesday, March 2. Oppenheimer analyst D. Gabriele now expects the company to post earnings per share of ($0.07) for the quarter, up from his previous forecast of ($0.08). Oppenheimer has an “Outperform” rating and a price target of $18.00 on the stock. Oppenheimer also released estimates for SoFi Technologies’ fourth quarter 2022 earnings at ($0.04) EPS, fiscal year 2022 earnings at ($0.37) EPS, fiscal year 2023 earnings at ($0.04) EPS, $0.16) EPS and FY2024 earnings at $0.07 EPS. SoFi Technologies (NASDAQ: SOFI – Get a rating) last announced its quarterly results on Tuesday, March 1. The company reported ($0.15) EPS for the quarter, beating Thomson Reuters consensus estimate of ($0.16) by $0.01. The company posted revenue of $279.88 million in the quarter, compared to $279.47 million expected by analysts. The company’s revenue for the quarter increased 53.8% year over year. In the same quarter a year earlier, the company had earned ($1.85) earnings per share.
SOFI has been the subject of several other reports. Goldman Sachs Group launched a hedge on SoFi Technologies shares in a research note on Tuesday, January 18. They issued a “neutral” rating and a price target of $16.00 on the stock. Credit Suisse Group lowered its price target on SoFi Technologies shares from $16.50 to $15.50 and set a “neutral” rating on the stock in a research note on Wednesday. Citigroup began covering SoFi Technologies shares in a research note on Monday, Dec. 20. They issued a “buy” rating and a price target of $20.00 on the stock. Bank of America downgraded SoFi Technologies shares from a “buy” rating to a “neutral” rating and set a target price of $14.00 for the stock. in a research report Wednesday. Finally, Morgan Stanley lowered its price target on SoFi Technologies shares from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday. Five analysts gave the stock a hold rating and seven gave the company a buy rating. According to data from MarketBeat.com, SoFi Technologies has a consensus rating of “Buy” and a consensus target price of $18.86.
Shares of SoFi Technologies opened at $10.69 on Friday. SoFi Technologies has a 52-week low of $8.82 and a 52-week high of $24.95. The company has a current ratio of 17.58, a quick ratio of 17.57 and a debt ratio of 0.65. The company’s 50-day moving average is $12.92 and its two-hundred-day moving average is $15.83.
Hedge funds and other institutional investors have recently changed their stock holdings. C2C Wealth Management LLC acquired a new stake in SoFi Technologies in the fourth quarter valued at $232,000. Resources Investment Advisors LLC. increased its stake in SoFi Technologies by 6.5% in the fourth quarter. Resources Investment Advisors LLC. now owns 32,647 shares of the company valued at $516,000 after acquiring an additional 1,994 shares during the period. JustInvest LLC increased its stake in SoFi Technologies by 76.9% in the fourth quarter. JustInvest LLC now owns 57,135 shares of the company valued at $903,000 after acquiring an additional 24,832 shares during the period. BlackRock Inc. increased its stake in SoFi Technologies by 63.4% in the fourth quarter. BlackRock Inc. now owns 22,261,616 shares of the company valued at $351,956,000 after acquiring an additional 8,637,411 shares during the period. Finally, Cornerstone Advisory LLC acquired a new stake in SoFi Technologies in the fourth quarter at a value of $79,000. 50.03% of the shares are held by hedge funds and other institutional investors.
In related news, Insider Micah Heavener sold 2,000 shares in a trade on Thursday, January 20. The stock was sold at an average price of $15.00, for a total transaction of $30,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, available via this link. 35.10% of the shares are held by insiders of the company.
SoFi Technologies Company Profile (Get a rating)
SoFi Technologies, Inc provides digital financial services. The Company operates through three reportable segments: Lending, Financial Services and Technology Platform. Its financial services allow its members to borrow, save, spend, invest and protect their money. The company offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.
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