SoFi Technologies (SOFI) Stock: $30 Price Target From Mizuho

By Amit Chowdhry ● Nov 15, 2021
  • The shares of SoFi Technologies Inc (NASDAQ: SOFI) have received a $30 price target from Mizuho. These are the details.

The shares of SoFi Technologies Inc (NASDAQ: SOFI) have received a $30 price target from Mizuho. And Mizuho analyst Dan Dolev increased the price target on SoFi from $28 while maintaining a “Buy” rating on the shares.

Dolev adjusted the model on SoFi following the company’s earnings and investor day last week. SoFi saw persistent new customer and product momentum. And the company also saw a strong top-line beat this past quarter.

Consolidated Results

— Total GAAP net revenue of $272 million in the third quarter of 2021 increased 35% from the same prior-year period. And on an adjusted basis, net revenue for the third quarter of 2021 was $277.2 million, a record for us and 28% above last year’s third quarter total of $216.8 million. The strength in all three of SoFi’s business segments drove the growth in these measures.

— SoFi recorded a $30 million GAAP net loss for the third quarter of 2021, an improvement of nearly $13 million from last year’s third quarter net loss of $42.9 million. And the third quarter adjusted EBITDA of $10.3 million was positive for the fifth consecutive quarter.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.