Goldman Sachs Raises SoFi Tech PT to $24, Maintains Neutral Rating

Goldman Sachs Raises SoFi Tech PT to $24, Maintains Neutral Rating

Goldman Sachs has raised its price target for SoFi Technologies Inc. (NASDAQ: SOFI) to $24, while maintaining a neutral rating on the stock. The updated target represents a 12.5% increase from the previous estimate of $21. The move comes after SoFi's latest earnings report, which showed mixed results but demonstrated the company's ability to navigate market uncertainties.

SoFi Technologies reported earnings per share (EPS) of $0.08 for the quarter, beating the consensus estimate of $0.06. However, revenue fell short of expectations at $519.37 million compared to the expected $801.94 million. Despite the mixed results, the stock price of SoFi Technologies has been on the rise, up 1.5% as of the latest update.

Analysts at Goldman Sachs highlighted SoFi's strategic initiatives, including the launch of a new actively managed ETF focused on artificial intelligence and the rollout of Level 1 options trading for its SoFi Invest members. These moves are seen as steps towards diversifying the company's revenue streams and enhancing its competitive position in the fintech sector.

The firm's latest Form 13F filing with the SEC revealed that Coordinated Financial Services Inc. acquired a new position in shares of SoFi Technologies, Inc., buying 23,300 shares valued at approximately $424,000. This acquisition, along with other purchases by institutional investors, indicates growing confidence in the company's future prospects.

Goldman Sachs' updated target reflects a cautious yet optimistic outlook on SoFi Technologies. The analyst firm acknowledges the company's growth potential but also notes the challenges posed by market uncertainties and the competitive landscape.

SoFi Technologies, Inc. has a market capitalization of $34.07 billion, a price-to-earnings ratio of 59.27, and a PEG ratio of 3.33. The stock has a twelve-month low of $8.46 and a twelve-month high of $30.30. The company's quick ratio is 0.14, and the current ratio is 0.80. The debt-to-equity ratio stands at 0.57.