SoFi Technologies (NASDAQ:SOFI) Trading 1.9% Higher – What’s Next?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price shot up 1.9% during mid-day trading on Friday . The stock traded as high as $11.34 and last traded at $11.14. 22,192,008 shares were traded during trading, a decline of 52% from the average session volume of 45,803,227 shares. The stock had previously closed at $10.93.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods cut their target price 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 reaffirmed a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research note on Wednesday, July 31st. Barclays dropped their price objective on 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. Finally, Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SoFi Technologies currently has a consensus rating of “Hold” and a consensus price target of $9.25.

SoFi Technologies Stock Performance

The company has a debt-to-equity ratio of 0.53, a current ratio of 0.88 and a quick ratio of 0.21. The company has a market capitalization of $11.60 billion, a P/E ratio of -35.94, a P/E/G ratio of 1.72 and a beta of 1.70. The stock’s 50 day simple moving average is $8.23 and its two-hundred day simple moving average is $7.42.

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

Insider Transactions at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the 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 transaction, the chief technology officer now owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kelli Keough sold 24,939 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the transaction, the executive vice president now owns 114,407 shares of the company’s stock, valued at approximately $830,594.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,636 shares of company stock worth $904,677 in the last quarter. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds have recently made changes to their positions in SOFI. Vanguard Group Inc. boosted its holdings in shares of SoFi Technologies by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock valued at $604,632,000 after buying an additional 1,366,271 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in SoFi Technologies by 263.3% in the second 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 during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of 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 period. Nikko Asset Management Americas Inc. increased its stake in shares of SoFi Technologies by 176.3% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after purchasing an additional 6,870,610 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of SoFi Technologies by 130.0% in the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after purchasing an additional 3,593,464 shares during the period. 38.43% of the stock is 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.