SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.9%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was up 2.9% on Friday . The company traded as high as $7.41 and last traded at $7.40. Approximately 9,667,795 shares changed hands during trading, a decline of 79% from the average daily volume of 45,956,551 shares. The stock had previously closed at $7.19.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SOFI shares. Wedbush restated an “underperform” rating and set a $3.00 price objective on shares of SoFi Technologies in a research report on Tuesday, April 30th. Barclays decreased their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft decreased their price target on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a research report on Tuesday, April 30th. Finally, BTIG Research began coverage on shares of SoFi Technologies in a research report on Friday, June 7th. They issued a “neutral” rating on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $9.14.

SoFi Technologies Trading Up 4.6 %

The stock’s 50 day moving average price is $6.88 and its 200-day moving average price is $7.25. The company has a quick ratio of 0.24, a current ratio of 0.93 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $7.95 billion, a PE ratio of -24.26, a PEG ratio of 1.45 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. The firm had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.30%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.06) earnings per share. On average, sell-side analysts expect that SoFi Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Insider Activity at SoFi Technologies

In related news, Director Qatar Investment Authority sold 19,840,073 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $6.78, for a total transaction of $134,515,694.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SoFi Technologies news, CEO Anthony Noto acquired 30,715 shares of the company’s stock in a transaction on Friday, June 14th. The stock was acquired at an average cost of $6.48 per share, with a total value of $199,033.20. Following the purchase, the chief executive officer now directly owns 8,121,844 shares of the company’s stock, valued at approximately $52,629,549.12. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Qatar Investment Authority sold 19,840,073 shares of SoFi Technologies stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $6.78, for a total transaction of $134,515,694.94. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake 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 worth $604,632,000 after buying an additional 1,366,271 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of SoFi Technologies by 263.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after buying an additional 9,482,683 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake 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 worth $75,737,000 after buying an additional 690,638 shares in the last quarter. Nikko Asset Management Americas Inc. grew its stake in shares of SoFi Technologies by 176.3% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after buying an additional 6,870,610 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of SoFi Technologies in the 4th quarter worth $71,349,000. 38.43% of the stock is owned by hedge funds and other 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.