SoFi Technologies (NASDAQ:SOFI) Stock Price Up 1.1%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price shot up 1.1% during trading on Tuesday . The stock traded as high as $6.62 and last traded at $6.61. 11,640,552 shares were traded during mid-day trading, a decline of 75% from the average session volume of 47,157,695 shares. The stock had previously closed at $6.54.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SOFI. Citigroup began coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They issued a “buy” rating and a $11.00 target price for the company. BTIG Research initiated coverage on shares of SoFi Technologies in a research report on Friday, June 7th. They issued a “neutral” rating for the company. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research note on Wednesday, July 31st. Keefe, Bruyette & Woods decreased their price target on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research note on Tuesday, July 9th. Finally, Wedbush reiterated an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, SoFi Technologies presently has an average rating of “Hold” and an average price target of $9.20.

SoFi Technologies Stock Performance

The firm has a market capitalization of $6.80 billion, a P/E ratio of -21.32, a price-to-earnings-growth ratio of 1.45 and a beta of 1.70. The company has a current ratio of 0.93, a quick ratio of 0.24 and a debt-to-equity ratio of 0.50. The business’s 50 day simple moving average is $6.87 and its two-hundred day simple moving average is $7.34.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.30%. The firm had revenue of $598.60 million during the quarter, compared to analyst estimates of $565.19 million. During the same period in the previous year, the business posted ($0.06) earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. Sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insider Transactions at SoFi Technologies

In related news, CEO Anthony Noto purchased 30,715 shares of SoFi Technologies stock in a transaction dated Friday, June 14th. The stock was purchased at an average cost of $6.48 per share, for a total transaction of $199,033.20. Following the completion of the purchase, the chief executive officer now directly owns 8,121,844 shares of the company’s stock, valued at approximately $52,629,549.12. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other SoFi Technologies news, CEO Anthony Noto acquired 30,715 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were bought at an average price of $6.48 per share, with a total value of $199,033.20. Following the completion of the acquisition, the chief executive officer now owns 8,121,844 shares in the company, valued at approximately $52,629,549.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the transaction, the chief technology officer now directly owns 453,464 shares in the company, valued at approximately $2,906,704.24. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. CIBC Private Wealth Group LLC lifted its holdings in SoFi Technologies by 2.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 65,785 shares of the company’s stock valued at $655,000 after purchasing an additional 1,498 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in SoFi Technologies by 0.4% during the fourth quarter. EP Wealth Advisors LLC now owns 377,022 shares of the company’s stock valued at $3,751,000 after purchasing an additional 1,508 shares in the last quarter. River Street Advisors LLC lifted its holdings in SoFi Technologies by 4.5% during the fourth quarter. River Street Advisors LLC now owns 35,414 shares of the company’s stock valued at $352,000 after purchasing an additional 1,526 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in SoFi Technologies by 55.3% during 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 in the last quarter. Finally, SOA Wealth Advisors LLC. boosted its holdings in shares of SoFi Technologies by 61.2% during the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after purchasing an additional 1,713 shares during the last quarter. Hedge funds and other institutional investors 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.