SoFi Technologies Inc (NASDAQ:SOFI) shares are trading lower Tuesday as analysts cut price targets on the stock on the heels of the company’s quarterly report.
What Happened: On Monday, SoFi reported adjusted sales of $460 million, which beat consensus estimates of $441.02 million, according to Benzinga Pro. The company reported a quarterly loss of 5 cents per share, which beat estimates for a loss of 7 cents per share.
SoFi also raised its full-year 2023 guidance from a range of $1.925 billion to $2 billion to a range of $1.995 billion to $2.02 billion versus estimates of $1.99 billion.
“Strength across all three of our business segments — Lending, Technology Platform and Financial Services — drove these record results,” said Anthony Noto, CEO of SoFi.
Despite the better-than-expected results, the stock traded lower in the wake of the report and it’s continuing to move lower as analysts lower price targets. Wedbush also downgraded the name.
- Wedbush analyst David Chiaverini downgraded SoFi from Outperform to Neutral and lowered the price target from $8 to $5.
- Credit Suisse analyst Timothy Chiodo maintained SoFi with a Neutral and lowered the price target from $7.50 to $7.
- Oppenheimer analyst Dominick Gabriele reiterated SoFi with an Outperform and a $7 price target.
See Also: SoFi Technologies Tumbles On Q1 Earnings, But Bullish Analyst Says ‘Momentum Continues’
SOFI Price Action: SoFi shares were down 3.11% at $5.30 at the time of publication, according to Benzinga Pro.
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