SoFi Technologies (NASDAQ:SOFI) Trading 4.1% Higher Following Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) shares shot up 4.1% during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $12.50 to $18.00. Citigroup currently has a buy rating on the stock. SoFi Technologies traded as high as $14.86 and last traded at $14.65. 12,074,722 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 36,663,863 shares. The stock had previously closed at $14.07.

SOFI has been the topic of a number of other research reports. Needham & Company LLC lifted their target price on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley raised their price target on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a research note on Thursday, December 19th. Mizuho boosted their price objective on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $8.00 target price (up previously from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Four research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, SoFi Technologies currently has an average rating of “Hold” and a consensus target price of $11.71.

Insider Activity at SoFi Technologies

In other news, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $10.36, for a total value of $96,430.88. Following the completion of the sale, the executive vice president now directly owns 152,203 shares of the company’s stock, valued at $1,576,823.08. This trade represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of SoFi Technologies stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $16.06, for a total value of $28,242,361.18. Following the transaction, the director now owns 482,083 shares of the company’s stock, valued at $7,742,252.98. This represents a 78.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,009,264 shares of company stock worth $416,889,795. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Large investors have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new position in SoFi Technologies in the 3rd quarter valued at about $27,000. Brooklyn Investment Group bought a new stake in shares of SoFi Technologies during the third quarter worth approximately $28,000. FNY Investment Advisers LLC boosted its holdings in shares of SoFi Technologies by 727.1% during the fourth quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock worth $33,000 after acquiring an additional 1,905 shares during the period. Waldron Private Wealth LLC acquired a new position in shares of SoFi Technologies in the third quarter valued at approximately $39,000. Finally, Gilliland Jeter Wealth Management LLC bought a new position in shares of SoFi Technologies during the third quarter worth approximately $47,000. 38.43% of the stock is owned by institutional investors.

SoFi Technologies Stock Performance

The company has a fifty day moving average of $15.16 and a two-hundred day moving average of $10.52. The firm has a market capitalization of $17.69 billion, a price-to-earnings ratio of 163.02, a PEG ratio of 0.96 and a beta of 1.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49.

SoFi Technologies (NASDAQ:SOFI) last posted its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The company had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. During the same quarter last year, the firm earned ($0.03) earnings per share. The company’s revenue was up 29.8% on a year-over-year basis. As a group, equities research analysts predict 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.