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MARKETS LIVE BLOG:

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Fed's Goolsbee says 'It makes sense to wait' before cutting rates

SoFi Technologies, Inc. (SOFI) Stock Moves -0.93%: What You Should Know

Zacks Equity Research
·2 min read

SoFi Technologies, Inc. (SOFI) closed at $5.31 in the latest trading session, marking a -0.93% move from the prior day. This change was narrower than the S&P 500's daily loss of 1.72%. Elsewhere, the Dow lost 1.62%, while the tech-heavy Nasdaq added 0.01%.

Coming into today, shares of the company had lost 19.88% in the past month. In that same time, the Business Services sector lost 12.47%, while the S&P 500 lost 9.09%.

Investors will be hoping for strength from SoFi Technologies, Inc. as it approaches its next earnings release. On that day, SoFi Technologies, Inc. is projected to report earnings of -$0.10 per share, which would represent a year-over-year decline of 100%. Meanwhile, our latest consensus estimate is calling for revenue of $391.84 million, up 41.36% from the prior-year quarter.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.45 per share and revenue of $1.5 billion, which would represent changes of +55% and +52.3%, respectively, from the prior year.

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It is also important to note the recent changes to analyst estimates for SoFi Technologies, Inc.Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.05% higher within the past month. SoFi Technologies, Inc. is currently sporting a Zacks Rank of #3 (Hold).

The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 146, putting it in the bottom 43% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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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Zacks Investment Research