SoFi Technologies (NASDAQ:SOFI) Trading 0.8% Higher – Still a Buy?

SoFi Technologies, Inc. (NASDAQ:SOFI) shares shot up 0.8% on Monday . The company traded as high as $10.35 and last traded at $10.26. 5,643,871 shares changed hands during trading, a decline of 88% from the average session volume of 45,705,363 shares. The stock had previously closed at $10.18.

Wall Street Analysts Forecast Growth

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

SoFi Technologies Trading Down 1.5 %

The firm’s fifty day simple moving average is $8.07 and its 200-day simple moving average is $7.37. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The stock has a market cap of $11.02 billion, a P/E ratio of -33.77, a price-to-earnings-growth ratio of 1.72 and a beta of 1.70.

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

Insiders Place Their Bets

In related news, EVP Kelli Keough sold 24,939 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the transaction, the executive vice president now directly owns 114,407 shares of the company’s stock, valued at $830,594.82. This 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 can be accessed through the SEC website. In other SoFi Technologies news, EVP Kelli Keough sold 24,939 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the transaction, the executive vice president now owns 114,407 shares in the company, valued at approximately $830,594.82. This 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 accessible through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the business’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 approximately $4,234,620.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 102,328 shares of company stock worth $808,246. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of SoFi Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Benjamin F. Edwards & Company Inc. raised its holdings in shares of SoFi Technologies by 4,252.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 88,580 shares of the company’s stock valued at $585,000 after purchasing an additional 86,545 shares during the last quarter. Mark Asset Management LP grew its stake in SoFi Technologies by 79.9% in the 2nd quarter. Mark Asset Management LP now owns 340,654 shares of the company’s stock valued at $2,252,000 after purchasing an additional 151,265 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of SoFi Technologies by 64.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 294,711 shares of the company’s stock worth $1,948,000 after purchasing an additional 115,316 shares during the period. Texas Capital Bank Wealth Management Services Inc boosted its holdings in shares of SoFi Technologies by 233.3% in the 2nd quarter. Texas Capital Bank Wealth Management Services Inc now owns 100,000 shares of the company’s stock worth $661,000 after buying an additional 70,000 shares during the last quarter. Finally, Axxcess Wealth Management LLC bought a new stake in SoFi Technologies in the first quarter worth about $185,000. 38.43% of the stock is owned by institutional investors.

About SoFi Technologies

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.