SoFi Technologies (NASDAQ:SOFI) Trading 8.4% Higher – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price shot up 8.4% on Monday . The company traded as high as $9.91 and last traded at $9.77. 40,934,664 shares changed hands during mid-day trading, a decline of 10% from the average session volume of 45,294,488 shares. The stock had previously closed at $9.01.

Analyst Ratings Changes

SOFI has been the subject of several research analyst reports. Keefe, Bruyette & Woods dropped their price target on 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. Needham & Company LLC restated a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Wednesday, July 31st. Finally, Barclays decreased their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $9.08.

SoFi Technologies Stock Performance

The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. The stock’s 50-day moving average price is $7.56 and its 200-day moving average price is $7.23. The company has a market capitalization of $10.59 billion, a P/E ratio of -31.52, a P/E/G ratio of 1.72 and a beta of 1.70.

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

Insider Buying and Selling at SoFi Technologies

In other news, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $181,057.14. Following the transaction, the executive vice president now directly owns 114,407 shares of the company’s stock, valued at approximately $830,594.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 102,328 shares of company stock worth $808,246. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. Watts Gwilliam & Co. LLC acquired a new position in shares of SoFi Technologies in the 3rd quarter worth approximately $128,000. LifePro Asset Management bought a new stake in shares of SoFi Technologies during the 3rd quarter worth $2,450,000. Wedmont Private Capital acquired a new position in shares of SoFi Technologies in the 3rd quarter worth $123,000. CWM LLC lifted its holdings in shares of SoFi Technologies by 93.0% during the third quarter. CWM LLC now owns 98,956 shares of the company’s stock valued at $778,000 after purchasing an additional 47,672 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of SoFi Technologies in the 3rd quarter valued at $119,000. 38.43% of the stock is currently 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.