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SoFi Technologies, Inc. (SOFI) Gains As Market Dips: What You Should Know

In the latest trading session, SoFi Technologies, Inc. (SOFI) closed at $5, marking a +0.6% move from the previous day. This move outpaced the S&P 500's daily loss of 0.65%. At the same time, the Dow added 0.12%, and the tech-heavy Nasdaq gained 0.07%.

Heading into today, shares of the company had lost 22.47% over the past month, lagging the Business Services sector's loss of 14.16% and the S&P 500's loss of 11.07% in that time.

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, the Zacks Consensus Estimate for revenue is projecting net sales of $391.84 million, up 41.36% from the year-ago period.

SOFI's full-year Zacks Consensus Estimates are calling for earnings of -$0.45 per share and revenue of $1.5 billion. These results would represent year-over-year changes of +55% and +52.3%, respectively.

Investors should also note any 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.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

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. Within the past 30 days, our consensus EPS projection remained stagnant. SoFi Technologies, Inc. is currently a Zacks Rank #2 (Buy).

The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 153, putting it in the bottom 40% 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.


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