SoFi Technologies, Inc. (NASDAQ:SOFI) shares are trading lower Tuesday. The company posted better-than-expected first-quarter financial results on Monday.
The Details:
SoFi reported earnings of 2 cents per share which beat the analyst consensus estimate of 1 cent. The company said adjusted revenue increased 26% year-on-year to $580.648 million, beating the consensus of $555.997 million.
SoFi added 622,000 new members in the quarter, an increase of 44% year-over-year, bringing its total member count to over 8.1 million.
Despite the better-than-expected results, Sofi shares are dipping lower Tuesday after falling 10% on Monday.
Following the print, Wedbush analyst David Chiaverini reiterated Sofi with an Underperform and maintained a $3 price target on the stock. Needham reiterated its Buy rating and maintained a $10 price target.
According to data from Benzinga Pro, SoFi shares are trading below the stock's 50-day moving average of $7.64 and 17.14% of shares are being sold short.
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Will SOFI Stock Go Up?
When trying to assess whether or not SoFi Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $7.89 on SoFi. The Street high target is currently at $12 and the Street low target is $3. Of all the analysts covering SoFi, 4 have positive ratings, 2 have neutral ratings and 3 have negative ratings.
In the last month, 5 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering SoFi Techs have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. SoFi Techs is 37.61% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about SoFi Techs, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
SOFI Price Action: According to Benzinga Pro, SoFi Technologies shares are down 3.9% at $6.77 at the time of publication Tuesday.
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