SoFi Technologies (NASDAQ:SOFI) Shares Gap Up – Still a Buy?

SoFi Technologies, Inc. (NASDAQ:SOFI) shares gapped up before the market opened on Thursday . The stock had previously closed at $10.42, but opened at $10.91. SoFi Technologies shares last traded at $11.13, with a volume of 11,540,341 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SOFI. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research note on Wednesday, July 31st. Barclays reduced their target price on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Keefe, Bruyette & Woods lowered their target price on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, SoFi Technologies currently has an average rating of “Hold” and a consensus price target of $9.25.

SoFi Technologies Stock Up 4.2 %

The company’s fifty day moving average price is $8.15 and its 200-day moving average price is $7.39. The stock has a market cap of $11.48 billion, a P/E ratio of -36.19, a price-to-earnings-growth ratio of 1.72 and a beta of 1.70. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. The firm had revenue of $598.60 million for the quarter, compared to the consensus estimate of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.06) EPS. Equities analysts forecast that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction of $96,430.88. Following the completion of the transaction, the executive vice president now directly owns 152,203 shares in the company, valued at approximately $1,576,823.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction of $96,430.88. Following the completion of the sale, the executive vice president now directly owns 152,203 shares in the company, valued at approximately $1,576,823.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,636 shares of company stock worth $904,677 in the last three months. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of hedge funds have recently modified their holdings of SOFI. Pathway Financial Advisers LLC lifted its holdings in SoFi Technologies by 13.0% in the third quarter. Pathway Financial Advisers LLC now owns 50,129 shares of the company’s stock valued at $394,000 after acquiring an additional 5,777 shares during the period. Arkadios Wealth Advisors grew its holdings in SoFi Technologies by 11.6% in the 3rd quarter. Arkadios Wealth Advisors now owns 60,531 shares of the company’s stock valued at $476,000 after buying an additional 6,305 shares during the period. Allworth Financial LP grew its holdings in SoFi Technologies by 29.3% in the 3rd quarter. Allworth Financial LP now owns 15,187 shares of the company’s stock valued at $119,000 after buying an additional 3,440 shares during the period. Mayfair Advisory Group LLC purchased a new stake in shares of SoFi Technologies during the 3rd quarter worth about $102,000. Finally, Trueblood Wealth Management LLC grew its holdings in shares of SoFi Technologies by 30.4% during the 3rd quarter. Trueblood Wealth Management LLC now owns 28,824 shares of the company’s stock worth $227,000 after purchasing an additional 6,721 shares during the period. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

SoFi Technologies Company Profile

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money.