SoFi Technologies (NASDAQ:SOFI) Trading Up 1.1% – Here’s Why

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) traded up 1.1% during trading on Wednesday . The company traded as high as $8.61 and last traded at $8.50. 11,006,987 shares changed hands during trading, a decline of 76% from the average session volume of 45,232,973 shares. The stock had previously closed at $8.41.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SOFI. Keefe, Bruyette & Woods dropped their price objective on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Barclays cut their price target on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, SoFi Technologies has a consensus rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Stock Up 1.8 %

The company has a market cap of $9.05 billion, a P/E ratio of -27.42, a price-to-earnings-growth ratio of 1.60 and a beta of 1.70. 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 50 day moving average of $7.46 and a 200-day moving average of $7.20.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. During the same quarter in the previous year, the company earned ($0.06) EPS. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities analysts predict that SoFi Technologies, Inc. will post 0.1 earnings per share for the current year.

Insider Buying and Selling at SoFi Technologies

In related news, EVP Kelli Keough sold 24,939 shares of SoFi Technologies stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total value of $181,057.14. Following the transaction, the executive vice president now directly owns 114,407 shares of the company’s stock, valued at $830,594.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other SoFi Technologies news, EVP Kelli Keough sold 24,939 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the sale, the executive vice president now owns 114,407 shares in the company, valued at approximately $830,594.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of the firm’s 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 of the company’s stock, valued at approximately $4,234,620.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 102,328 shares of company stock worth $808,246 over the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. ORG Partners LLC bought a new stake in shares of SoFi Technologies in the 1st quarter worth $27,000. Allspring Global Investments Holdings LLC lifted 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. SOA Wealth Advisors LLC. grew its holdings in SoFi Technologies by 61.2% during the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after purchasing an additional 1,713 shares during the period. GAMMA Investing LLC increased its position in SoFi Technologies by 65.3% in the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock worth $33,000 after buying an additional 1,981 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of SoFi Technologies in the first quarter worth about $37,000. 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.