Citigroup Raises Price Target for SoFi Technologies Amidst Buy Rating

Citigroup analyst Ashwin Shirvaikar maintains a "Buy" rating for SoFi Technologies (SOFI) and raises the price target from $18.00 to $28.00 USD, a 55.56% increase. Analyst sentiment reflects positive adjustments in price targets across the board. SoFi is a financial-services company that offers various products and services, including student loan refinancing, personal loans, credit cards, mortgages, and investment accounts. The average target price for SOFI is $20.50, and the estimated GF Value is $12.84, suggesting a downside of 42.08% from the current price.

Citigroup analyst Ashwin Shirvaikar has maintained a "Buy" rating for SoFi Technologies (SOFI) while significantly raising the price target from $18.00 to $28.00 USD, marking a 55.56% increase. This move underscores a positive trend in analyst sentiment, with numerous firms adjusting their price targets upward in recent months.

SoFi Technologies, based in San Francisco, was founded in 2011 and has expanded its product offerings to include personal loans, credit cards, mortgages, investment accounts, banking services, and financial planning. The company operates solely through its mobile app and website and has recently expanded its services through the acquisition of Galileo for payment and account services.

Analysts have shown a mixed but generally bullish sentiment towards SoFi Technologies. According to a recent report, the average target price for SOFI is $20.50, with estimates ranging from $6.00 to $30.00. The estimated GF Value for SOFI is $12.84, suggesting a potential downside of 42.08% from the current price of $22.17. Despite the cautious sentiment, the company's stock has experienced a remarkable 12% increase over the past month and a 54% year-to-date gain, defying the 16% downside risk implied by Wall Street's average price target.

SoFi Technologies reported earnings per share (EPS) of $0.08, exceeding analysts' estimates by $0.02. However, its revenue of $519.37 million fell significantly short of analyst expectations of $801.94 million. The company's stock has traded as high as $23.48 and last traded at $23.27, with a trading volume decline to approximately 19.4 million shares.

Several analysts have issued mixed ratings and price targets. Truist Financial set a $23.00 price target on SoFi Technologies, while Citizens JMP downgraded it from a "strong-buy" rating to a "market perform" rating. JMP Securities reiterated a "market perform" rating and issued a $17.00 price objective. UBS Group increased their price objective to $15.50 and gave the stock a "neutral" rating.

Institutional investors and hedge funds have also shown interest in SoFi Technologies. Vanguard Group Inc. increased its position by 1.1% in the first quarter, while other institutional investors like CMG Global Holdings LLC and Invesco Ltd. also raised their stakes. Insiders have sold a total of 273,181 shares of company stock valued at $4,043,240 in the last three months, with insiders owning 2.60% of the company's stock.

As SoFi Technologies continues to navigate macroeconomic challenges, its ability to maintain its growth trajectory and justify its premium valuation will be crucial. Investors should remain vigilant and consider the company's performance alongside analyst evaluations for informed decision-making.

References:
[1] https://www.gurufocus.com/news/3071502/sofi-citigroup-raises-price-target-amidst-buy-rating-sofi-stock-news
[2] https://www.ainvest.com/news/sofi-technologies-stock-defies-wall-street-caution-analyst-cautious-stance-2508/
[3] https://www.marketscreener.com/news/sofi-technologies-lightspark-collaborate-to-launch-blockchain-powered-money-transfer-service-ce7c51ddda8bf423
[4] https://www.benzinga.com/insights/analyst-ratings/25/08/47243050/sofi-technologies-stock-a-deep-dive-into-analyst-perspectives-13-ratings