SoFi Technologies (NASDAQ:SOFI) Trading 1.2% Higher – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price shot up 1.2% during trading on Wednesday . The company traded as high as $14.28 and last traded at $13.98. 18,997,787 shares were traded during trading, a decline of 60% from the average session volume of 47,421,504 shares. The stock had previously closed at $13.82.

Analyst Upgrades and Downgrades

SOFI has been the topic of a number of research analyst reports. Needham & Company LLC lifted their price target on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their price objective on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Barclays upped their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Jefferies Financial Group increased their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Finally, Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.32.

SoFi Technologies Stock Performance

The firm’s 50 day moving average price is $9.32 and its two-hundred day moving average price is $7.81. The firm has a market cap of $14.30 billion, a PE ratio of 137.81, a PEG ratio of 2.30 and a beta of 1.60. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.21 and a current ratio of 0.49.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The company had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The firm’s revenue for the quarter was up 29.8% compared to the same quarter last year. On average, research analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the transaction, the executive vice president now owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the transaction, the chief technology officer now owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the transaction, the executive vice president now owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 111,636 shares of company stock worth $904,677. Company insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Several hedge funds have recently made changes to their positions in SOFI. Capital Performance Advisors LLP acquired a new position in shares of SoFi Technologies in the third quarter valued at approximately $27,000. Brooklyn Investment Group acquired a new stake in shares of SoFi Technologies in the third quarter valued at $28,000. Allspring Global Investments Holdings LLC boosted its holdings in SoFi Technologies by 55.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after purchasing an additional 1,543 shares during the period. GAMMA Investing LLC increased its holdings in SoFi Technologies by 65.3% during the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock worth $33,000 after purchasing an additional 1,981 shares during the period. Finally, Waldron Private Wealth LLC purchased a new stake in SoFi Technologies during the 3rd quarter worth about $39,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

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.