What's Going On With SoFi Technologies Stock?

SoFi Technologies, Inc. SOFI shares are trading higher Tuesday. The company reported better-than-expected third-quarter financial results on Monday. Here's a look at what's going on:

What To Know:

SoFi Technologies reported quarterly losses of 3 cents per share, beating the analyst consensus estimate of a loss of 7 cents per share by 57%. The company reported quarterly sales of $530.72 million, beating the analyst consensus estimate of $512.47 million by 3.56% and representing a 26.59% increase over sales of $419.26 million from the same period last year.

SoFi Technologies also raised its fiscal year 2023 adjusted net revenue guidance to between $2.045 and $2.065 billion, compared to estimates of $2.02 billion. 

On Monday, Cathie Wood-led Ark Invest purchased 473,225 shares of SoFi Technologies through Ark Fintech Innovation ETF ARKF. The transaction was valued at $3.3 million, based on the stock’s closing price of $6.94 on the day.

On Tuesday, Morgan Stanley analyst Jeffrey Adelson upgraded SoFi Technologies from Underweight to Equal-Weight and announced a $7 price target.

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SOFI Price Action: According to Benzinga Pro, SoFi Technologies shares are up 6.41% at $7.39 at the time of publication.

Image: Gerd Altmann from Pixabay