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In a recent transaction, Kelli Keough, the Executive Vice President of SoFi Technologies, Inc. (NASDAQ:SOFI), sold a total of 24,939 shares of the company's common stock. The shares were sold at a weighted average price of $7.2558, with individual sales prices ranging from $7.19 to $7.32 per share. The total value of the shares sold by Keough amounted to approximately $180,952.
This sale was carried out in multiple trades and was reported to have been executed pursuant to a Rule 10b5-1 Trading Plan, which Keough adopted on May 21, 2024. Rule 10b5-1 plans allow company insiders to set up predetermined trading plans for selling stocks they own, providing a defense against claims of insider trading.
Following the sale, Keough still retains 114,407 shares of SoFi Technologies' common stock. The company, based in San Francisco, California, operates in the financial services sector and is known for its range of finance-related products and services.
Investors and shareholders of SoFi Technologies may request detailed information about the exact number of shares sold at each price within the range from Keough if needed. The sale has been formally documented in a filing with the Securities and Exchange Commission (SEC), ensuring transparency and adherence to regulatory standards.
In other recent news, SoFi Technologies has reported a significant performance in its Q2 2024 earnings. The company disclosed a record-breaking adjusted net revenue of $597 million, a 22% year-over-year increase, and a net income of $17 million, marking its third consecutive quarter of GAAP profitability. The company's Financial Services segment saw a revenue surge of 80% year-over-year, while the Tech Platforms segment reported a 9% increase in revenue.
SoFi Technologies added 643,000 new members, raising the total to 8.8 million, and increased products by 946,000 to 12.8 million. The lending segment saw considerable growth with personal loan originations at $4.2 billion. The company also provided positive guidance for Q3 and full-year 2024, with adjusted net revenue expected to reach up to $2.465 billion and GAAP net income up to $185 million.
SoFi Technologies forecasts a Q3 adjusted net revenue of $625-645 million, adjusted EBITDA of $160-165 million, GAAP net income of $40-45 million, and EPS of $0.04. The company's full-year 2024 projections include adjusted net revenue of $2.425-2.465 billion, adjusted EBITDA of $605-615 million, GAAP net income of $175-185 million, and GAAP EPS of $0.9-0.10. These recent developments suggest a positive outlook for SoFi Technologies moving forward.
InvestingPro Insights
Recent market activity has seen SoFi Technologies, Inc. (NASDAQ:SOFI) experience some noteworthy developments. As investors monitor the stock's performance, it's crucial to consider several key metrics and insights provided by InvestingPro. As of the last twelve months leading up to Q2 2024, SoFi's revenue growth stands at an impressive 30.3%, signaling a robust expansion in its financial operations. This growth is further underscored by a 20.93% quarterly revenue increase, showcasing the company's continued momentum.
Despite the positive revenue indicators, SoFi's P/E ratio remains negative at -49.55, reflecting market skepticism about the company's earnings potential. However, the adjusted P/E ratio for the same period is 62.54, suggesting that when specific non-recurring items are accounted for, investors may expect future earnings to improve. Additionally, SoFi's price/book ratio is 1.36, indicating that the stock may be reasonably valued in terms of its assets.
On the strategic front, two InvestingPro Tips highlight the company's trajectory. Analysts have recently revised their earnings estimates upwards for the upcoming period, which could signal confidence in SoFi's growth prospects. Moreover, there's an expectation that net income will grow this year, hinting at a potential turnaround in profitability. These insights are part of a broader array of tips available on InvestingPro, where interested parties can find 5 additional tips to guide their investment decisions regarding SoFi Technologies.
For investors considering SoFi's stock, these real-time data points and expert analyses provide a deeper understanding of the company's financial health and future outlook. For more detailed analyses and tips, including the full list of 8 InvestingPro Tips for SoFi Technologies, visit https://www.investing.com/pro/SOFI.
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