What's Going On With SoFi Stock After Earnings?

SoFi Technologies, Inc. SOFI shares are trading higher Wednesday after the company on Tuesday posted strong second-quarter results on Tuesday. 

The Details:

SoFi reported earnings of 1 cent per share, inline with the consensus estimate, and quarterly sales of $599 million beat the Street's estimate for the second quarter. 

SoFi's revenue increased 22.54% year-over-year, and total members rose 41% from the prior year period.

“We had an exceptional second quarter. Our relentless focus on product innovation and member growth across our portfolio of businesses not only drove strong results today, but we expect that they’ll fuel financial growth for years to come. Our one-stop shop strategy continues to deliver strong, diversified growth and profitability, despite macroeconomic volatility,” commented Anthony Noto, CEO of SoFi Technologies.

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SoFi expects third-quarter adjusted net revenue above estimates and raised its full-year revenue guidance. Needham analyst Kyle Peterson reiterated a Buy rating and $10 price target on the stock following the print. 

According to data from Benzinga Pro, SoFi shares are trading above the stock’s 50-day moving average of $6.90 and 10.1% of shares are being sold short. 

Will SOFI Stock Go Up?

When trying to assess whether or not SoFi Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $8.75 on SoFi. The Street high target is currently at $10 and the Street low target is $7. Of all the analysts covering SoFi Technologies, 2 have positive ratings, 2 have neutral ratings and no one has negative ratings.

In the last month, 4 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering SoFi Technologies have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. SoFi Technologies is 21.81% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about SoFi, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

SOFI Price Action: According to Benzinga Pro, SoFi Technologies shares are up 3.91% at $7.71 at the time of publication Wednesday.

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