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Why SoFi Technologies, Inc. (SOFI) Outpaced the Stock Market Today
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SoFi Technologies, Inc. (SOFI - Free Report) closed at $8.48 in the latest trading session, marking a +1.92% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.57%. Elsewhere, the Dow gained 0.46%, while the tech-heavy Nasdaq added 0.75%.
Prior to today's trading, shares of the company had gained 4.65% over the past month. This has outpaced the Business Services sector's gain of 2.21% and the S&P 500's gain of 3.4% in that time.
Investors will be eagerly watching for the performance of SoFi Technologies, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on January 29, 2024. On that day, SoFi Technologies, Inc. is projected to report earnings of $0 per share, which would represent year-over-year growth of 100%. Meanwhile, our latest consensus estimate is calling for revenue of $575 million, up 25.91% from the prior-year quarter.
Investors might also notice recent changes to analyst estimates for SoFi Technologies, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, SoFi Technologies, Inc. possesses a Zacks Rank of #3 (Hold).
With respect to valuation, SoFi Technologies, Inc. is currently being traded at a Forward P/E ratio of 132.06. This valuation marks a premium compared to its industry's average Forward P/E of 23.56.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 70, putting it in the top 28% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Why SoFi Technologies, Inc. (SOFI) Outpaced the Stock Market Today
SoFi Technologies, Inc. (SOFI - Free Report) closed at $8.48 in the latest trading session, marking a +1.92% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.57%. Elsewhere, the Dow gained 0.46%, while the tech-heavy Nasdaq added 0.75%.
Prior to today's trading, shares of the company had gained 4.65% over the past month. This has outpaced the Business Services sector's gain of 2.21% and the S&P 500's gain of 3.4% in that time.
Investors will be eagerly watching for the performance of SoFi Technologies, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on January 29, 2024. On that day, SoFi Technologies, Inc. is projected to report earnings of $0 per share, which would represent year-over-year growth of 100%. Meanwhile, our latest consensus estimate is calling for revenue of $575 million, up 25.91% from the prior-year quarter.
Investors might also notice recent changes to analyst estimates for SoFi Technologies, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, SoFi Technologies, Inc. possesses a Zacks Rank of #3 (Hold).
With respect to valuation, SoFi Technologies, Inc. is currently being traded at a Forward P/E ratio of 132.06. This valuation marks a premium compared to its industry's average Forward P/E of 23.56.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 70, putting it in the top 28% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.