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SOFI Stock: Q4 2023 Earnings Forecast and Technical Analysis

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SOFI Stock: Q4 2023 Earnings Forecast and Technical Analysis
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SOFI Technologies (NASDAQ: SOFI) is in the headlines these days because of the consolidation that it is stuck in. However, Sofi Tech’s Q4 results are near, as stated by Yahoo Finance, it will be posted on the 29th of this month. Wall Street expects SOFI stock price to bounce after the results are out.

SOFI Stock Q4 Earnings Forecast

The fundamentals of the company have been great this year, every quarter, Sofi has made double-digit growth in its revenues. During the 4th quarter of 2022, the company has a revenue of $555 Million, while in this upcoming quarter, the forecast suggests that the company’s revenue will jump 11.8% to $8467 Million. If the analysis comes in the picture then the expected Year-on-year growth will be close to 53.2%. 

The financial sector in the US hasn’t done so well in the last quarter. When the likes of JP Morgan & Goldman Sachs posted their quarterly reports, the expectations of Wall Street got crushed. Therefore, the fundamental expectations with SOFI technologies are not too bullish either. 

Amount in millions of USD unless mentioned otherwise
Quarter nameRevenueSales GrowthEPS in $EPS Growth
Q2 2022$389-$0.12
Q3 2022$46419.23%-$0.09-25.00%
Q4 2022$55619.68%-$0.05-44.44%
Q1 2023$6089.40%-$0.050.00%
Q2 2023$67711.38%-$0.0620.00%
Q3 2023$75711.76%-$0.29-383.00%
Forecast Q4 2023$84611.85%-$0.3315.46%

Forecast Method: Mean of Linear Regression and Average Growth

Regardless of this, the company has done well in terms of revenue growth, and the management’s decision about intensive reinvesting has come in handy. However, this is a two-way sword and because of this, the shareholders aren’t making any income. The EPS on the other hand has been negative ever since.

SOFI Stock: Q4 2023 Earnings Forecast and Technical Analysis
Sofi Technologies Revenue over the Quarters (Quarter 4 is forecasted)

However, the investors are patient as the company is still in a small-cap phase with a market capitalization of just $7.4 Billion. SOFI stock’s earnings per share for Q4 2023 is forecasted to be -$0.33.

Technical Analysis of SOFI Stock Price

NASDAQ: SOFI Chart provided by tradingview.com

SOFI stock price is trading in a sideways pattern where the resistance level of $10.08 is a major hurdle for investors. However, the stock broke a downtrend at the start of December,

Currently, the SOFI stock is trading near the immediate resistance level of $7.84 which implies a possible bounce back if the support level is reclaimed. Therefore, if the earnings report on January 19th goes above expectations, the stock is highly likely to shoot upwards.

Conclusion

SOFI stock price is showing a sideways pattern due to a major resistance level above. On a fundamental basis the company is posting revenues with double digit growth during the quarters, the forecasted revenue for the quarter 4 suggests a growth of 11% from the last quarter while a 52% growth on a year-on-year basis.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.

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