SoFi (NASDAQ:SOFI) stock opened up by 10% this morning after the personal finance company reported its third-quarter earnings, although SOFI has since given up the majority of its gains. During the quarter, revenue tallied in at $537 million, up by 27% year-over-year (YOY) and beating the analyst estimate for $518 million. Meanwhile, EPS was a loss of 29 cents, meaning that SoFi is still unprofitable.
“We saw record new member adds of 717,000 and accelerating growth of 47% for total ending members of over 6.9 million, along with record new product adds of over 1 million, also with accelerating growth of 45% to over 10 million total products,” said CEO Anthony Noto.
Meanwhile, student loan origination volume totaled $919.3 million, coming out on top of the analyst estimate for $651.5 million by an impressive 41%. After the end of the student loan moratorium, which started during the height of the pandemic, borrowers will need to make their first payment this month. Personal loans totaled $3.89 billion, up by 38% YOY, while home loans increased by 64% to $355.7 million.
Guidance was also a bright spot for the firm. SoFi now expects full-year 2023 revenue of between $2.045 billion and $2.065 billion, which was raised from the prior guidance of between $1.974 billion and $2.034 billion. Furthermore, the company forecasts full-year adjusted EBITDA of between $386 million and $396 million, up from the previous guidance of between $333 million and $343 million.
5 Investors Betting Big on SOFI Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the second quarter, 497 13F filers disclosed a stake in SOFI stock, a decline of 7 filers from the prior quarter. However, the total number of SOFI shares owned by these filers increased by a solid 14% to 351.53 million. Seven of these filers own SoFi in their top 10 positions.
With that in mind, let’s take a look at SoFi’s five largest shareholders as of the second quarter:
- Vanguard: 73.83 million shares. Vanguard increased its stake by 4.26 million shares during Q2.
- BlackRock (NYSE:BLK): 38.12 million shares. BlackRock acquired 2.30 million shares during Q2.
- Silver Lake Group: 31.15 million shares. Silver Lake’s stake remained unchanged during Q2.
- D.E. Shaw & Company: 15.53 million shares. D.E. Shaw picked up 11.59 million shares during Q2.
- State Street (NYSE:STT): 13.68 million shares. State Street acquired 1.56 million shares during Q2.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
