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SoFi Technologies, Inc. (SOFI) Stock Sinks As Market Gains: Here's Why
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In the latest market close, SoFi Technologies, Inc. (SOFI - Free Report) reached $7.41, with a -1.59% movement compared to the previous day. This change lagged the S&P 500's 0.88% gain on the day. Elsewhere, the Dow saw an upswing of 0.54%, while the tech-heavy Nasdaq appreciated by 1.35%.
The company's shares have seen a decrease of 19.12% over the last month, not keeping up with the Business Services sector's loss of 0.68% and the S&P 500's gain of 0.64%.
Market participants will be closely following the financial results of SoFi Technologies, Inc. in its upcoming release. The company plans to announce its earnings on January 29, 2024. The company is expected to report EPS of $0, up 100% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $574.33 million, up 25.76% from the prior-year quarter.
It's also important for investors to be aware of any recent modifications to analyst estimates for SoFi Technologies, Inc. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 13.96% lower. Right now, SoFi Technologies, Inc. possesses a Zacks Rank of #3 (Hold).
In terms of valuation, SoFi Technologies, Inc. is presently being traded at a Forward P/E ratio of 126.84. This expresses a premium compared to the average Forward P/E of 23.01 of its industry.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 68, putting it in the top 27% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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SoFi Technologies, Inc. (SOFI) Stock Sinks As Market Gains: Here's Why
In the latest market close, SoFi Technologies, Inc. (SOFI - Free Report) reached $7.41, with a -1.59% movement compared to the previous day. This change lagged the S&P 500's 0.88% gain on the day. Elsewhere, the Dow saw an upswing of 0.54%, while the tech-heavy Nasdaq appreciated by 1.35%.
The company's shares have seen a decrease of 19.12% over the last month, not keeping up with the Business Services sector's loss of 0.68% and the S&P 500's gain of 0.64%.
Market participants will be closely following the financial results of SoFi Technologies, Inc. in its upcoming release. The company plans to announce its earnings on January 29, 2024. The company is expected to report EPS of $0, up 100% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $574.33 million, up 25.76% from the prior-year quarter.
It's also important for investors to be aware of any recent modifications to analyst estimates for SoFi Technologies, Inc. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 13.96% lower. Right now, SoFi Technologies, Inc. possesses a Zacks Rank of #3 (Hold).
In terms of valuation, SoFi Technologies, Inc. is presently being traded at a Forward P/E ratio of 126.84. This expresses a premium compared to the average Forward P/E of 23.01 of its industry.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 68, putting it in the top 27% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.