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Why the Market Dipped But SoFi Technologies, Inc. (SOFI) Gained Today
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SoFi Technologies, Inc. (SOFI - Free Report) closed the most recent trading day at $7.84, moving +1.16% from the previous trading session. This move outpaced the S&P 500's daily loss of 1.39%. Elsewhere, the Dow saw an upswing of 0.6%, while the tech-heavy Nasdaq depreciated by 2.77%.
Shares of the company have appreciated by 20.72% over the course of the past month, outperforming the Business Services sector's gain of 0.5% and the S&P 500's gain of 4.43%.
The investment community will be paying close attention to the earnings performance of SoFi Technologies, Inc. in its upcoming release. The company is slated to reveal its earnings on July 30, 2024. The company is forecasted to report an EPS of $0, showcasing a 100% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $563.14 million, indicating a 15.2% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.08 per share and a revenue of $2.39 billion, signifying shifts of +122.22% and +15.03%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for SoFi Technologies, Inc. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.15% lower. As of now, SoFi Technologies, Inc. holds a Zacks Rank of #3 (Hold).
Investors should also note SoFi Technologies, Inc.'s current valuation metrics, including its Forward P/E ratio of 93.51. This valuation marks a premium compared to its industry's average Forward P/E of 23.67.
One should further note that SOFI currently holds a PEG ratio of 1.83. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Technology Services was holding an average PEG ratio of 1.48 at yesterday's closing price.
The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 99, positioning it in the top 40% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Why the Market Dipped But SoFi Technologies, Inc. (SOFI) Gained Today
SoFi Technologies, Inc. (SOFI - Free Report) closed the most recent trading day at $7.84, moving +1.16% from the previous trading session. This move outpaced the S&P 500's daily loss of 1.39%. Elsewhere, the Dow saw an upswing of 0.6%, while the tech-heavy Nasdaq depreciated by 2.77%.
Shares of the company have appreciated by 20.72% over the course of the past month, outperforming the Business Services sector's gain of 0.5% and the S&P 500's gain of 4.43%.
The investment community will be paying close attention to the earnings performance of SoFi Technologies, Inc. in its upcoming release. The company is slated to reveal its earnings on July 30, 2024. The company is forecasted to report an EPS of $0, showcasing a 100% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $563.14 million, indicating a 15.2% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.08 per share and a revenue of $2.39 billion, signifying shifts of +122.22% and +15.03%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for SoFi Technologies, Inc. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.15% lower. As of now, SoFi Technologies, Inc. holds a Zacks Rank of #3 (Hold).
Investors should also note SoFi Technologies, Inc.'s current valuation metrics, including its Forward P/E ratio of 93.51. This valuation marks a premium compared to its industry's average Forward P/E of 23.67.
One should further note that SOFI currently holds a PEG ratio of 1.83. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Technology Services was holding an average PEG ratio of 1.48 at yesterday's closing price.
The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 99, positioning it in the top 40% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.