Million

Resistance

Billion

Raise

<ul class="list-ic vertical">
 <li><span>1</span> <a>SoFi Technologies stock price soared 8% higher after the earnings.&nbsp;</a></li>
 <li><span>2</span> <a>SoFi Technologies reported its third quarterly earnings on Monday, 30th October.&nbsp;</a></li>
 <li><span>3</span> <a>SoFi’s revenue and depositors continued to grow at a fast pace in the third quarter.&nbsp;</a></li>
</ul>
<p>SoFi Technologies stock price hiked over 8% on Tuesday afternoon, putting it on track for the largest percentage gain in the last three months. The SoFi stock is up 72.26% on a year-to-date basis. A strong third-quarter earnings report has prompted analysts to boost its rating on fintech.&nbsp;</p>
<p>Over the past three months, it has been observed that the analysts’ estimate for SOFI’s full-year earnings has been raised by 9%. It signals that the analyst sentiment is improving and the strong earnings have reclaimed back the trust of Investors.&nbsp;&nbsp;</p>
<h2 class="wp-block-heading" id="strong-sofi-technologies-stock-price-jumped-after-the-quarterly-results-strong"><strong>SoFi Technologies Stock Price Jumped After The Quarterly Results</strong></h2>
<p>SoFi Technologies Inc. reported strong quarterly results on Monday, 30th October which impacted the stock price positively. The company added 717K new customers to its digital banking and financial service platform growing 47% year-over-year.&nbsp;&nbsp;</p>
<p>The deposits grew $2.9 Billion over the quarter for a total of $15.7 Billion. For SoFi, growing deposits is the most important top line for the growth of the company. With rapidly growing deposits, the company has been able to steadily grow its loan book, especially in personal loans.</p>
<p>The company reported a revenue of $530.71 Million with a surprise of $19.24 Million. The earnings estimated that SoFi would lose $0.07 per share. However, the estimated earnings surprised the analysts as it turned out at a loss of $0.03 per share.<br></p>
<p>Moreover, the earnings were still negative but the reduced negative earnings benefited the stock investors and thus, the price jumped off.&nbsp;&nbsp;</p>
<h2 class="wp-block-heading" id="strong-analysts-raise-price-targets-is-sofi-stock-a-buy-now-strong"><strong>Analysts Raise Price Targets: Is SoFi Stock A Buy Now?</strong></h2>
<p>The recent upgrade marks a reversal in the stock for the analyst team. In July, the analysts had downgraded the stock to underweight, citing the revenue growth was set to disappoint in 2024 and a lower-than-expected opportunity in student loan refinancing.<br><br>In a Tuesday report, Morgan Stanley upgraded SoFi stock to equal weight improving from an underweight stock. Morgan Stanley team noted that there is a more balanced risk-reward skew as the share price trades close to their price target of $7.&nbsp;</p>
<p>The stock price may perform better in the upcoming weeks as the analysts’ perceptions are turning around. The analysts said that the near-term outlook into 2024 was incrementally more positive after analyzing the Q3 results.&nbsp;</p>
<p>They highlighted multiple positives, including a better-than-expected income growth forecast for the next quarter and strong student loan origination numbers in the coming quarter. These are the multiple factors that may drive the price to the optimistic side.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-sofi-technologies-stock-price-prediction-2023-strong"><strong>SoFi Technologies Stock Price Prediction 2023</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/meYB4q6NkWAaYTeyIkIDAidATosW924Ke4DTXE9Qyna97qaMD1HNuSsgugjNiDTKYHHeyHRxHC-IiTj7AVJr_2zdc5MmlSiOUb0aj5hwMgwaM2I5wd_1tsomekQWSmhKSvLmQjGGXSKKHNENGKQ8sdU" alt="SOFI Stock Price: Can SoFi Reclaim 52-Week High Price By Year End?">
  <figcaption class="wp-element-caption">
   Source: SoFi Technologies&nbsp; 1D. NYSE By TradingView
  </figcaption>
 </figure>
</div>
<p><a href="https://www.thecoinrepublic.com/2023/10/25/sofi-stock-sofi-technologies-inc-stock-turn-bearish-what-next/" rel="noopener noreferrer nofollow">SOFI stock</a> price analysis illustrates the formation of a bullish flag over the daily chart. The price bounced back from the lower boundary of the channel after the results. Currently, the latest closing on Friday was at $8.01 with a loss of 1.96%.</p>
<p>The earnings have triggered a bullish sentiment in the stock price. However, the stock still hovers in the bullish flag pattern which might be a concern for the buyers as the trend is still somewhere in the control of the bears. Bulls must break above the bullish flag pattern to continue dominating the price trend.&nbsp;&nbsp;&nbsp;</p>
<p>The price prediction of SoFi Technologies stock signifies a bullish outlook for the next quarter. As per the analysts, the price is expected to reach a high of $13.5 by the end of 2023.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-sofi-technologies-stock-price-prediction-2024-strong"><strong>SoFi Technologies Stock Price Prediction 2024</strong></h2>
<p>The most optimistic view of analysts expects a potential of over 130% on the upside for the stock. The price could reach a maximum of $18.3 by the end of 2024 if the conditions are positive for SoFi stock.&nbsp;&nbsp;</p>
<p>On the other hand, the minimum estimates of the analysts hope that the price could at least reach a high of $10.44 by 2024.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>SoFi Technologies stock rose 8% on Tuesday after a strong Q3 earnings report. The company added 717K new customers and grew its deposits by $2.9 Billion. The earnings per share beat the estimates by $0.04.&nbsp;</p>
<p>Moreover, Morgan Stanley upgraded the stock to equal weight from underweight, citing a more positive outlook for 2024. The stock price is expected to reach $13.5 by the end of this year. The stock is still in a bullish flag pattern which needs to be broken by the bulls to resume the uptrend.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $7.20 and $6.56</li>
 <li><strong>Resistance Levels:</strong> $9.16 and $9.78</li>
</ul>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

SOFI Stock Price: Can SoFi Reclaim 52-Week High Price By Year End?

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Thecoinrepublic.com

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