SoFi Technologies (NASDAQ:SOFI) Stock Price Up 4%

SoFi Technologies, Inc. (NASDAQ:SOFI) rose 4% on Thursday . The stock traded as high as $6.57 and last traded at $6.57. Approximately 7,520,643 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 46,995,469 shares. The stock had previously closed at $6.32.

Wall Street Analyst Weigh In

Several research firms have weighed in on SOFI. Wedbush reissued an “underperform” rating and set a $3.00 target price on shares of SoFi Technologies in a research report on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft cut their price target on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday, April 30th. BTIG Research began coverage on shares of SoFi Technologies in a research note on Friday, June 7th. They set a “neutral” rating for the company. Barclays cut their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Finally, Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a research report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $9.20.

SoFi Technologies Price Performance

The stock has a 50 day moving average price of $6.84 and a 200-day moving average price of $7.31. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.24. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of -21.42, a price-to-earnings-growth ratio of 1.45 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, meeting analysts’ consensus estimates of $0.01. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.30%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.06) earnings per share. On average, analysts forecast that SoFi Technologies, Inc. will post 0.1 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Anthony Noto bought 28,900 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average cost of $6.92 per share, for a total transaction of $199,988.00. Following the acquisition, the chief executive officer now directly owns 8,062,269 shares of the company’s stock, valued at approximately $55,790,901.48. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other SoFi Technologies news, CEO Anthony Noto purchased 28,900 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average price of $6.92 per share, with a total value of $199,988.00. Following the purchase, the chief executive officer now directly owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Qatar Investment Authority sold 19,840,073 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $6.78, for a total value of $134,515,694.94. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC boosted its position in shares of SoFi Technologies by 2.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 65,785 shares of the company’s stock worth $655,000 after buying an additional 1,498 shares during the period. EP Wealth Advisors LLC increased its stake in SoFi Technologies by 0.4% during the fourth quarter. EP Wealth Advisors LLC now owns 377,022 shares of the company’s stock worth $3,751,000 after purchasing an additional 1,508 shares during the period. River Street Advisors LLC increased its stake in SoFi Technologies by 4.5% during the fourth quarter. River Street Advisors LLC now owns 35,414 shares of the company’s stock worth $352,000 after purchasing an additional 1,526 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of 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. Finally, SOA Wealth Advisors LLC. grew its holdings in shares of SoFi Technologies by 61.2% in the first 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 in the last quarter. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.