What's Going On With SoFi Technologies Stock After Earnings?
Portfolio Pulse from Erica Kollmann
SoFi Technologies, Inc. (NASDAQ:SOFI) reported Q1 earnings surpassing analyst expectations with earnings of 2 cents per share and adjusted revenue of $580.648 million, a 26% increase year-on-year. The company added 622,000 new members, reaching over 8.1 million in total. Despite positive results, SOFI shares dropped, influenced by a Wedbush analyst reiterating an Underperform rating with a $3 price target, and Needham maintaining a Buy rating with a $10 target. SOFI's stock is trading below its 50-day moving average, with a significant short interest. Analysts have a mixed outlook, with an average 12-month price target of $7.89, suggesting potential upside.
April 30, 2024 | 7:14 pm
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SoFi Technologies exceeded Q1 earnings and revenue forecasts, added a substantial number of new members, but saw its stock price decline amid mixed analyst ratings and trading below its 50-day moving average.
The short-term impact on SOFI's stock price is likely negative due to the immediate market reaction to the earnings report and analyst ratings. Despite positive growth indicators, the stock's performance has been affected by market sentiment and analyst skepticism, particularly the reiteration of an Underperform rating by Wedbush and the stock trading below its 50-day moving average. These factors contribute to a cautious outlook in the short term, despite the company's strong performance and growth potential.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100