SoFi Technologies (NASDAQ:SOFI) Trading Up 2.1% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was up 2.1% during trading on Friday . The company traded as high as $14.51 and last traded at $14.43. Approximately 13,713,445 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 44,061,055 shares. The stock had previously closed at $14.13.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SOFI. Bank of America reissued an “underperform” rating and issued a $12.00 target price on shares of SoFi Technologies in a report on Monday, December 9th. Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $8.00 price objective (up previously from $7.00) on shares of SoFi Technologies in a report on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Finally, Morgan Stanley boosted their target price on SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research note on Thursday, December 19th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SoFi Technologies presently has a consensus rating of “Hold” and a consensus price target of $11.13.

SoFi Technologies Stock Up 3.1 %

The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $15.81 billion, a price-to-earnings ratio of 145.71, a PEG ratio of 2.70 and a beta of 1.77. The firm’s 50-day moving average price is $14.52 and its 200 day moving average price is $9.98.

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

Insider Activity

In other SoFi Technologies news, EVP Kelli Keough sold 9,590 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $14.56, for a total transaction of $139,630.40. Following the transaction, the executive vice president now directly owns 142,613 shares in the company, valued at approximately $2,076,445.28. This trade represents a 6.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jeremy Rishel sold 64,991 shares of the stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the completion of the sale, the chief technology officer now owns 586,494 shares of the company’s stock, valued at approximately $9,219,685.68. This trade represents a 9.98 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,009,264 shares of company stock valued at $416,889,795 in the last ninety days. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently bought and sold shares of SOFI. Capital Performance Advisors LLP bought a new stake in shares of SoFi Technologies during the third quarter valued at about $27,000. Brooklyn Investment Group bought a new position in shares of SoFi Technologies in the third quarter worth approximately $28,000. Allspring Global Investments Holdings LLC lifted its position 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 during the last quarter. Waldron Private Wealth LLC purchased a new position in SoFi Technologies in the 3rd quarter worth approximately $39,000. Finally, GAMMA Investing LLC increased its holdings in shares of SoFi Technologies by 40.3% in the 4th quarter. GAMMA Investing LLC now owns 5,925 shares of the company’s stock worth $91,000 after buying an additional 1,703 shares during the last quarter. 38.43% of the stock is owned by 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.