Is SOFI Stock To Buy After Earnings? 3 analysts weigh in on SoFi price forecasts.
The San Francisco-based company reported fourth-quarter revenue of $286 million, up 67% from a year ago. SoFi's net loss in Q4 increased to $111 million from $82.6 million a year ago. However, the company has given some bullish forward guidance. SoFi expects adjusted net revenue to grow 55% year over year to $1.57 billion, and adjusted earnings of $180 million for the full year 2022.
The strong fourth-quarter print follows news last week that SoFi is buying privately held core processing company Technisys in a $1.1 billion all-stock deal. The core processing system allows banks to perform their day-to-day operations, such as managing deposits, loans and other transactions.
With SOFI stock booming today, we thought it would be instructive to look at price forecasts from some of the top analysts covering the company. Shares of SoFi was trading at $11.20 yesterday.
SOFI Stock Price Forecast
- Bank of America has a "hold" rating on SOFI and a $14 price target, which would be 16% higher than the shares currently trading.
- Oppenheimer has a "buy" rating on the shares and an $18 price target, which is up 50%.
- Wedbush maintains a "Buy" rating on SoFi Technologies stock with a $20 price target, which will be 65% higher from current levels.
What's next for sophie
Among the 11 analysts who track SoFi Technologies, the average price target on the stock is currently $18, suggesting a 50% increase over the coming 12 months. SoFi's latest earnings and guidance seem to have raised bullish conditions for the stock among investors and analysts.
At the date of publication, Joel Baglole did not hold any position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publication guidelines.
Joel Baglol has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and he wrote for The Washington Post and Toronto Star newspapers as well as financial websites such as The Motley Fool and Investopedia.
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