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How to Buy Sofi Technologies Stock

Sofi Technologies Inc

SoFi Technologies, Inc. provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services.

Sofi Technologies stock last closed at $7.36, up 2.22% from the previous day, and has increased 27.78% in one year. It has underperformed other stocks in the Credit Services industry by 0.01 percentage points. Sofi Technologies stock is currently +65.39% from its 52-week low of $4.45, and -37.09% from its 52-week high of $11.70.

At the moment, there are 976.74M shares of SOFI outstanding. The market capitalization of SOFI is $7.19B. In the last 24 hours, 34.56M SOFI shares were traded.

How to Buy Sofi Technologies Stock

Wondering how to invest in Sofi Technologies stock? Here's how.
  1. Choose where to buy Sofi Technologies stock: You need to pick an online brokerage, but don't worry - we've researched dozens of online stock brokerages and apps to help you choose where to buy Sofi Technologies stock.
  2. Create your brokerage account: Sign up for 0% commission trading with the highest-rated brokerage we've selected.
  3. Deposit funds into your brokerage account: Pick your payment method and add your information.
  4. Research Sofi Technologies stock: The Sofi Technologies ticker symbol is SOFI. Is Sofi Technologies stock a good investment? Should you buy shares of SOFI? How do SOFI's underlying business fundamentals look? Do top analysts think Sofi Technologies is a good buy? Why has SOFI's stock price moved recently? (Hint: Our stock market analysis website can help you understand if SOFI is a good stock to buy).
  5. Place your SOFI buy order: Decide if you will purchase SOFI shares at the current market price or use a limit order to purchase SOFI stock at a given price.
  6. Get key alerts regarding your SOFI position: Create a watchlist to watch your investment in Sofi Technologies shares.

Step 1: Choose where to buy Sofi Technologies stock

You need an online brokerage account to access the NASDAQ market and buy SOFI stock.

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Step 2: Create your brokerage account

Now that you've chosen the best brokerage, you need to fill out some personal info so you can buy SOFI stock today.

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Step 3: Deposit funds into your brokerage account

Now that you have created your account on stock market apps, your next step is to transfer the money for your investment:

Check out this video walkthrough if you need help depositing funds into your investment account.

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Step 4: Research Sofi Technologies stock

After you have decided on the best place to buy Sofi Technologies stock, it's critical to research their stock prior to buying, so you can understand the risk and opportunity.

Sofi Technologies Numbers

SOFI Price
$7.36
1w %
0%
1y %
27.78%
5y %
N/A
P/E
-20.44x
P/B
1.37x
P/S
3.28x
PEG
N/A
Revenue
$2.12B
Earnings
-$300.74M
Fore. Rev. Growth
15.83%
Fore. Earn. Growth
N/A
Market Cap
$7.19B
Next Earnings
Apr 29, 2024
Next Dividend
N/A

Sofi Technologies Due Diligence Checks

WallStreetZen was created to help part-time investors do better fundamental analysis quickly.

You can view all of the due diligence checks on SOFI's stock page.

How is SOFI stock valued?

Investors use many financial metrics, analyses, models, and charts to gauge SOFI's true value.

Using relative valuations methods:

  • SOFI may be undervalued based on its P/B ratio of 1.37x, relative to Credit Services industry P/B ratio of 4.99x

You can do more valuation analysis on SOFI's stock here.

SOFI Financial Overview

Signs that SOFI is financially healthy:

  • SOFI profit margin has gone up from -20.4% to -14.2% in the past year.

Signs that SOFI is not financially healthy:

  • SOFI has a relatively high debt to equity ratio of 4.68.

Is Sofi Technologies stock a Buy, Hold, or Sell, according to Wall Street analysts?

Out of 11 Wall Street analysts who track SOFI, the consensus analyst rating on SOFI is a Hold

It's important to note that analyst forecasts are not stock recommendations, nor are they financial advice.

Most Recent SOFI Analyst Ratings

Dan Dolev, a bottom 1% analyst from Mizuho maintains SOFI with a strong buy rating and lowers their SOFI price target from $15.00 to $12.00, on Jan 18, 2024.

Mark Devries, a top 23% analyst from Deutsche Bank initiates coverage on SOFI with a hold rating and announces their SOFI price target of $11.00, on Jan 10, 2024.

Michael Perito, a top 19% analyst from Keefe, Bruyette & Woods downgrades SOFI to a sell rating and lowers their SOFI price target from $7.50 to $6.50, on Jan 3, 2024.

Ashwin Shirvaikar, a top 13% analyst from Citigroup maintains SOFI with a strong buy rating and lowers their SOFI price target from $12.00 to $11.00, on Nov 24, 2023.

Citigroup's Ashwin Shirvaikar lowered their price target on Sofi Technologies (NASDAQ: SOFI) by 8.3% from $12 to $11 on 2023/11/24. The analyst maintained their Strong Buy rating on the stock.

Having had almost a month to digest Sofi Technologies' Q3 2023 earnings report, released on 2023/10/30, Shirvaikar updated their model and reduced their price target.

Strong loan origination across all sectors, larger-than-expected expansion of the net interest margin, and ongoing flexibility from deposits all contributed to SoFi's "solid" quarterly results, the analyst told investors.

However, because of the current trends of lower lending fee revenues, higher write-offs, and volatility in fair value changes and hedge gains, Shirvaikar lowered their revenue expectations for 2024 and 2025 by 3% to 5%.

Nonetheless, "Citigroup's positive view on Sofi Technologies' digital bank leadership position is unchanged," the analyst noted.

Earnings Report

For Q3 2023, Sofi Technologies reported:

  • Loss per share of $0.03, which beat the Zacks Consensus Estimate of $(0.07) and, by 66.7%, Q3 2022's $(0.09).
  • Revenue of $530.72M, which beat the Zacks Consensus Estimate by 2.81% and Q3 2022's $423.99M by 25.2%.
  • Adjusted EBITDA of $98.025M, up 121.3% from Q3 2022's $44.298M.

Management guided:

For Q4 2023:

"GAAP net income profitability in Q4, with depreciation and amortization and share-based compensation expenses to increase in the mid-to-high single digit percentage range compared to Q3."

For FY 2023:

  • Revenue of $2.045B to $2.065B, up from its prior guidance of $1.974B to $2.034B
  • Adjusted EBITDA of $386M to $396M, up from its prior guidance of $333M to $343M.

CEO Anthony Noto commented: “We delivered another quarter of record financial results and generated our tenth consecutive quarter of record adjusted net revenue of $531 million. We saw record new member adds of 717,000 and accelerating growth of 47% for total ending members of over 6.9 million, along with record new product adds of over 1 million, also with accelerating growth of 45% to over 10 million total products.

“Total deposits grew by $2.9 billion, up 23% during the third quarter to $15.7 billion at quarterend, and over 90% of SoFi Money deposits (inclusive of Checking and Savings and cash management accounts) are from direct deposit members. For new direct deposit accounts opened in the third quarter, the median FICO score was 743.

"As a result of this growth in high-quality deposits, we have benefited from a lower cost of funding for our loans. Our deposit funding also increases our flexibility to capture additional net interest margin (NIM) and optimize returns, a critical advantage in light of notable macroeconomic uncertainty."

Terry Ma, a bottom 28% analyst from Barclays initiates coverage on SOFI with a hold rating and announces their SOFI price target of $8.00, on Nov 15, 2023.

You can dig deeper into what analysts are saying on the Sofi Technologies stock forecast page.

SOFI Trading Indicators

SMA10
7.22
SMA20
7.56
SMA50
7.87
SMA100
8.01
SMA200
8.27
MACD
-0.23
MACD Signal
-0.24
MACD Histogram
0.01
RSI
45.36
Stochastic %K
45.96
Stochastic %D
42.3
StochRSI %K
86.02
StochRSI %D
82.05

How are SOFI Revenues/Earnings doing?

Last year, SOFI revenue was $2.12B. In the past five year, SOFI's revenue has increased by 51.11% per year. This was faster than the Credit Services industry average of 9.56%.

Dive into SOFI's earnings and revenue performance here.

Latest Insiders Trades at SOFI

In the last 12 months, insiders at SOFI have sold more shares than they have bought.

Jeremy Rishel, Chief Technology Officer of SOFI, was the latest SOFI insider to sell. They sold $389,971.89 worth of SOFI stock on Mar 19, 2024.

Get more info about who owns SOFI shares here.

Does SOFI stock generate passive income?

No, Sofi Technologies doesn't provide an income stream by paying out dividends.

Get opinions from other traders

One of the primary reasons eToro is our highest-rated brokerage is because of its social trading community.

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Step 5: Place your SOFI buy order

You have two primary order types:

  • Market order: A market order is an order to buy or sell a security at the best possible price.
    Market orders are mostly the best for newer investors.
  • Limit order: A limit order enables you to buy or sell a security at a specific price (or better).
    If you want to make sure you're buying or selling at a particular price, use a limit order.

Press the Open Trade button and eToro will place your order.

If you require more help investing in stocks on eToro, watch the how to video below:

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Step 6: Get key alerts regarding your SOFI position

Now that you own some SOFI stock, you'll want to keep up with your new shares.

Make a watchlist to get alerted to the latest events about your SOFI stock.

SOFI Feed

How to Buy Stock in Sofi Technologies

To summarize, here are the 6 steps to buy stock in Sofi Technologies:

  1. Choose where to buy Sofi Technologies stock
  2. Create your brokerage account
  3. Deposit funds into your brokerage account
  4. Research Sofi Technologies stock
  5. Place your SOFI buy order
  6. Get key alerts regarding your SOFI position

If you require a place to buy stocks, eToro is our recommended venue.

Get Started with eToro Today
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

If you would like to get the latest news on your investment in Sofi Technologies, create your watchlist below.

NASDAQ: SOFI
$7.36+0.16 (+2.22%)
Updated Mar 27, 2024
Open eToro Account
NASDAQ: SOFI
$7.36+0.16 (+2.22%)
Updated Mar 27, 2024
Open eToro Account

FAQ

How much does it cost to buy one Sofi Technologies share?

As of Mar 27, 2024, it costs $7.36 to buy one share of Sofi Technologies stock.

Remember, eToro's fractional share buying allows you to buy partial shares of stocks and ETFs. Even if you only have $3, you can buy 0.408 shares of SOFI.

Get Started with eToro Today
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Is now a good time to buy Sofi Technologies stock?

According to 11 Wall Street analysts who monitor Sofi Technologies, their consensus recommendation is to hold Sofi Technologies stock.

What is the best way to buy Sofi Technologies stock?

One way to place an order for Sofi Technologies stock is with a brokerage account.
WallStreetZen does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security.

Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.