SoFi Technologies (NASDAQ:SOFI) Shares Up 1.5% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price shot up 1.5% during trading on Thursday . The stock traded as high as $12.10 and last traded at $11.99. 12,060,541 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 46,858,980 shares. The stock had previously closed at $11.81.

Analyst Upgrades and Downgrades

SOFI has been the subject of several research reports. Barclays increased their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Needham & Company LLC lifted their price objective on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group upped their target price on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Finally, The Goldman Sachs Group lifted their target price on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, SoFi Technologies currently has an average rating of “Hold” and an average target price of $9.32.

SoFi Technologies Price Performance

The stock has a market capitalization of $12.77 billion, a P/E ratio of 119.90, a price-to-earnings-growth ratio of 1.79 and a beta of 1.60. The business has a fifty day simple moving average of $8.90 and a 200 day simple moving average of $7.65. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.79% and a net margin of 8.38%. The business had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same period in the prior year, the firm posted ($0.03) EPS. SoFi Technologies’s quarterly revenue was up 29.8% compared to the same quarter last year. On average, analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

Insider Buying and Selling at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the sale, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the transaction, the executive vice president now directly owns 161,511 shares in the company, valued at approximately $1,290,472.89. 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 accessible through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,636 shares of company stock valued at $904,677. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOFI. ORG Partners LLC bought a new position in shares of SoFi Technologies during the 1st quarter valued at approximately $27,000. Capital Performance Advisors LLP purchased a new stake in shares of SoFi Technologies in the third quarter valued at $27,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of SoFi Technologies by 55.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after acquiring an additional 1,543 shares during the last quarter. GAMMA Investing LLC grew its holdings in SoFi Technologies by 65.3% during the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after purchasing an additional 1,981 shares during the last quarter. Finally, Waldron Private Wealth LLC purchased a new stake in SoFi Technologies in the 3rd quarter worth about $39,000. 38.43% of the stock is currently 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.