SoFi Technologies, Inc. (SOFI) shares ended Monday’s trading session 11.4% higher at $10.04. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock’s 16.4% gain over the past four weeks.
This increased investor optimism can be attributed to SOFI’s $2 billion agreement with Fortress Investment to expand its personal loans business.
This company is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of +233.3%. Revenues are expected to be $634.64 million, up 19.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For SoFi Technologies, the consensus EPS estimate for the quarter has been revised 3.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SOFI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>>
SoFi Technologies belongs to the Zacks Financial – Miscellaneous Services industry. Another stock from the same industry, Lument Finance (LFT), closed the last trading session 2.1% higher at $2.48. Over the past month, LFT has returned -7.3%.
Lument’s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.10. Compared to the company’s year-ago EPS, this represents a change of -9.1%. Lument currently boasts a Zacks Rank of #4 (Sell).
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