The Goldman Sachs Group Forecasts Strong Price Appreciation for SoFi Technologies (NASDAQ:SOFI) Stock

SoFi Technologies (NASDAQ:SOFI) had its price target increased by analysts at The Goldman Sachs Group from $7.50 to $8.50 in a report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective points to a potential downside of 25.63% from the stock’s previous close.

SOFI has been the subject of several other research reports. Keefe, Bruyette & Woods lowered their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Needham & Company LLC upped their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday. Barclays upped their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday. Jefferies Financial Group upped their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, SoFi Technologies currently has an average rating of “Hold” and a consensus price target of $9.71.

SoFi Technologies Stock Up 9.2 %

Shares of SoFi Technologies stock traded up $0.96 during trading hours on Wednesday, hitting $11.43. The company had a trading volume of 67,576,728 shares, compared to its average volume of 46,763,930. The company’s 50-day moving average is $8.45 and its two-hundred day moving average is $7.48. SoFi Technologies has a twelve month low of $6.01 and a twelve month high of $11.46. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.88 and a quick ratio of 0.21. The company has a market cap of $12.18 billion, a P/E ratio of 113.90, a price-to-earnings-growth ratio of 2.08 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The business had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The company’s revenue for the quarter was up 29.8% on a year-over-year basis. Analysts anticipate that SoFi Technologies will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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 value of $96,430.88. Following the sale, the executive vice president now directly owns 152,203 shares of the company’s stock, valued at approximately $1,576,823.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the chief technology officer now owns 521,505 shares in the company, valued at approximately $4,234,620.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 transaction, the executive vice president now owns 152,203 shares in the company, valued at $1,576,823.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,636 shares of company stock valued at $904,677. Insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

A number of hedge funds have recently made changes to their positions in SOFI. Dimensional Fund Advisors LP raised its stake in shares of SoFi Technologies by 263.3% during the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock valued at $86,478,000 after purchasing an additional 9,482,683 shares during the period. Nikko Asset Management Americas Inc. boosted its holdings in SoFi Technologies by 176.3% in the first quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after purchasing an additional 6,870,610 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in SoFi Technologies by 176.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after purchasing an additional 6,870,610 shares during the period. Marshall Wace LLP boosted its holdings in shares of SoFi Technologies by 130.0% during the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after acquiring an additional 3,593,464 shares during the period. Finally, Mizuho Markets Americas LLC grew its position in shares of SoFi Technologies by 403.4% during the second quarter. Mizuho Markets Americas LLC now owns 3,045,737 shares of the company’s stock worth $20,132,000 after acquiring an additional 2,440,745 shares during the last quarter. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.