SoFi Technologies (NASDAQ:SOFI) Trading 1.8% Higher After Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) shares were up 1.8% during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $9.00 to $16.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. SoFi Technologies traded as high as $16.61 and last traded at $16.41. Approximately 31,524,910 shares were traded during trading, a decline of 34% from the average daily volume of 47,514,559 shares. The stock had previously closed at $16.12.

Several other equities research analysts also recently commented on SOFI. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group raised their price objective on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. The Goldman Sachs Group upped their target price on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Barclays raised their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Finally, Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $10.36.

Insider Activity

In related news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were 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 owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 11.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kelli Keough sold 9,590 shares of SoFi Technologies stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $14.56, for a total value of $139,630.40. Following the completion of the sale, the executive vice president now owns 142,613 shares in the company, valued at approximately $2,076,445.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,287 shares of company stock worth $863,250 over the last three months. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of SoFi Technologies

Large investors have recently made changes to their positions in the company. State Street Corp boosted its stake in SoFi Technologies by 1.7% during the 3rd quarter. State Street Corp now owns 18,062,855 shares of the company’s stock worth $141,974,000 after purchasing an additional 310,532 shares during the last quarter. Geode Capital Management LLC boosted its position in SoFi Technologies by 2.1% during the third quarter. Geode Capital Management LLC now owns 17,619,084 shares of the company’s stock worth $138,523,000 after acquiring an additional 358,806 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in SoFi Technologies by 263.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock valued at $86,478,000 after acquiring an additional 9,482,683 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in SoFi Technologies by 6.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company’s stock valued at $75,737,000 after acquiring an additional 690,638 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in SoFi Technologies by 130.0% in the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock worth $42,026,000 after purchasing an additional 3,593,464 shares in the last quarter. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

SoFi Technologies Trading Up 1.8 %

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 firm has a market capitalization of $17.81 billion, a price-to-earnings ratio of 164.10, a PEG ratio of 2.73 and a beta of 1.60. The company has a fifty day moving average price of $11.23 and a two-hundred day moving average price of $8.52.

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

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.