Financial technology company SoFi’s (SOFI) upbeat Q2 results would not have surprised users of TipRanks’ Website Traffic Tool. Investors should note that the tool gathers data about a company’s website performance over a specific time frame. This information can be used to predict the upcoming earnings report, as growth in online usage may point to higher sales.
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Website Traffic Showed Uptrend
Ahead of the Q2 earnings release, the website traffic tool showed that total estimated visits for sofi.com increased by over 130% for the quarter compared to the same period last year. The increase in website traffic pointed to solid top-line performance.
Eventually, SOFI reported solid second-quarter revenues, which increased 20% year-over-year. The company witnessed strong growth in loan origination volumes, particularly in student and home loans. Also, it added 643,000 new members to its platform in the second quarter. Meanwhile, the company reported EPS of $0.01, against a loss of $0.06 per share in the same period last year.
A Top-rated Analyst Expects Upside in SOFI Stock
Following the release of Q2 earnings, Top-rated analyst Kyle Peterson from Needham reiterated a Buy rating on the stock with a price target of $10, implying about 34.8% upside potential from the current level. (To watch Peterson’s track record, click here.)
Apart from Peterson, three Wall Street analysts rated SoFi stock a Hold, while one maintained a Sell rating.
Is SoFi Technologies a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Hold consensus rating based on four Buys, nine Holds, and three Sells assigned in the past three months. After a year-to-date decline of over 25%, the analysts’ average price target on SoFi stock of $8.15 implies an upside potential of 9.84%.
