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

SoFi Technologies, Inc. (SOFI) closed at $5.01 in the latest trading session, marking a +0.4% move from the prior day. This move outpaced the S&P 500's daily loss of 0.8%. Elsewhere, the Dow lost 0.3%, while the tech-heavy Nasdaq lost 0.03%.

Prior to today's trading, shares of the company had lost 12.3% over the past month. This has lagged the Business Services sector's loss of 8.94% and the S&P 500's loss of 5.13% in that time.

Investors will be hoping for strength from SoFi Technologies, Inc. as it approaches its next earnings release, which is expected to be November 1, 2022. The company is expected to report EPS of -$0.10, down 100% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $391.84 million, up 41.36% from the year-ago period.

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.

Investors might also notice recent changes to analyst estimates for SoFi Technologies, Inc.These revisions typically reflect the latest short-term business trends, which can change frequently. 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. 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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. SoFi Technologies, Inc. is currently sporting a Zacks Rank of #2 (Buy).

The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 128, putting it in the top 50% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our 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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