SoFi Technologies (NASDAQ:SOFI) Trading Up 1.2% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) rose 1.2% on Monday . The company traded as high as $16.09 and last traded at $15.79. Approximately 21,189,004 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 47,497,129 shares. The stock had previously closed at $15.60.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Needham & Company LLC upped their price objective on 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 upped their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. The Goldman Sachs Group lifted their price objective on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Barclays lifted their price target on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $9.80.

SoFi Technologies Price Performance

The company’s 50-day simple moving average is $10.44 and its 200-day simple moving average is $8.22. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The stock has a market capitalization of $17.04 billion, a price-to-earnings ratio of 157.92, a P/E/G ratio of 2.59 and a beta of 1.60.

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

Insider Activity at SoFi Technologies

In related news, EVP Kelli Keough sold 9,590 shares of the business’s stock in a transaction that occurred on 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 directly 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $4,234,620.60. This trade represents a 11.55 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,287 shares of company stock worth $863,250. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in SoFi Technologies in the 3rd quarter valued at about $27,000. Brooklyn Investment Group bought a new position in SoFi Technologies in the third quarter valued at approximately $28,000. Allspring Global Investments Holdings LLC raised its position in SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after purchasing an additional 1,543 shares in the last quarter. GAMMA Investing LLC lifted its stake in SoFi Technologies by 65.3% during the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock worth $33,000 after purchasing an additional 1,981 shares during the last quarter. Finally, Waldron Private Wealth LLC acquired a new stake in shares of SoFi Technologies in the 3rd quarter valued at $39,000. Institutional investors own 38.43% of the company’s stock.

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.