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Truist Financial, a leading financial services firm, has recently issued a research report that could bring excitement to investors of SoFi Technologies (NASDAQ: SOFI). The report highlights the target price of SOFI increasing from $8.00 to $11.00, which is a significant 23.46% increase from the company’s previous close.
SoFi Technologies’ last quarterly earnings data, released on May 1st, shows that the company reported a positive earnings per share of ($0.05) for the quarter. This result was higher than the consensus estimate of ($0.08) by $0.03 and revealed an increased revenue of $460.20 million compared to analysts’ expectations of $436.78 million.
The company’s unique business model allows its members to borrow, save, spend, invest and protect their money through various lending and financial services and products such as student loans, personal loans for debt consolidation and home improvement projects along with home loans.
SoFi Technologies operates as three distinct segments which are Lending, Technology Platform, and Financial Services encompassing diverse aspects ranging from credit card rewards to investment products tailored towards millennials.
Despite some unforeseen challenges faced with negative return on equity metrics in recent quarters- SoFi has shown incredible resilience by posting strong growth number year over year.
Sell-side analysts advise cautious optimism for the rest of 2023 barring any unanticipated market events promising a potential ending EPS being -0.18 at end of Q4 this year.
As the world becomes more digitized in terms finances- as evidenced by an explosive shift towards digital payments since COVID-19 hit- there is no reason why SoFi cannot continue driving market share further while delivering strong value to its users by ushering digital firsts into traditional banking like instant hedge management on crypto holdings through its single app platform approach which expands access while saving costs effectively or offering seamless experience around retirement planning via ETFs .
Accordingly, based on these unique offerings and its strict risk management in a period of high volatility, SoFi Technologies seems poised for future growth. Investors may consider the new price target and other factors when deciding to invest in this innovative company.
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SoFi Technologies Updates Ratings and Price Targets Amid Controversy Over CEO’s Political Affiliations
On Monday, June 12th, several brokerages provided updated ratings and price objectives on SoFi Technologies, Inc. According to Bloomberg.com, the stock currently has an average rating of “Hold” with a consensus price target of $7.25.
Keefe, Bruyette & Woods boosted their price objective on SoFi Technologies from $5.00 to $5.50 in a research report released on Thursday. Mizuho increased their price objective on SoFi Technologies from $6.00 to $9.00 and gave the company a “buy” rating in a report released on Wednesday, February 15th. Meanwhile, Wedbush downgraded SoFi Technologies from a “neutral” rating to an “underperform” rating and cut their target price for the company from $5.00 to $2.50 in a research report released on Monday, May 15th. Finally, Piper Sandler cut their target price on SoFi Technologies from $8.00 to $6.50 in a research report on Wednesday, May 17th.
SoFi Technologies traded up $0.73 on Monday, hitting $8.91 with 36,356,702 shares exchanged compared to its average volume of 41,546,875.The firm operates through three segments: Lending, Technology Platform and Financial Services.
In other news related to the company’s financials; CEO Anthony Noto bought 50k shares of the company’s stock worth over than ($236k)in transaction date May4th with his own money; reportedly as part of the funds he needed raising for his philanthropy organization awarded to support diversity underrepresented individuals.This move by CEO Anthony Noto is well received at amongst those who share his sociopolitical philosophy but raises concerns among investors regarding whether this could lead individuals left-leaning views affecting business decisions
amongst management personnel.
CTO Jeremy Rishel reportedly sold 200k of SOFi Technologies shares on 09th May for a total of $1,094,000.00,and currently hold 101,582 share in the company valued at $555,653.54. In addition to this, CEO Anthony Noto recently purchased another 50k shares of the company’s stock at an average cost of $4.73 per share bringing his total number of holdings to more than 6 million shares.
Hedge funds and institutional investors concerned about market volatility have also modified their holdings with some buying whilst others having either bought or sold depending on their underlying outlook for SoFi Technologies Pte Ltd. Cibc World Market Inc., for example raised its stake in shares of SoFi Technologies by 4.7% in the first quarter while US Bancorp DE bought smaller proportional shares.
SoFi Technologies provides digital financial services aimed at making banking easier for American millennials who have so far recorded a low percentage credit indebtedness relative to previous generations; offering them student loans and personal loans among other credit facilities.This presents an enormous opportunity for growth while simultaneously presenting unique challenges.The stocks show signs a positive trend recently but internal issues such as corporate political preferences could affect long term prospects as some would be buyers may feel put off by political affiliations or inveztment policies that could hinder profitability and return on assets invested.
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