SoFi Technologies (NASDAQ:SOFI) Reaches New 52-Week High After Analyst Upgrade

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) hit a new 52-week high during mid-day trading on Wednesday after Mizuho raised their price target on the stock from $14.00 to $16.00. Mizuho currently has an outperform rating on the stock. SoFi Technologies traded as high as $14.89 and last traded at $14.65, with a volume of 6215735 shares traded. The stock had previously closed at $14.42.

Several other research analysts have also recently issued reports on the company. The Goldman Sachs Group raised their price objective on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Barclays increased their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Needham & Company LLC boosted their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group upped their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and an average price target of $9.80.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction of $96,430.88. Following the completion of the sale, the executive vice president now owns 152,203 shares in the company, valued at approximately $1,576,823.08. This trade represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,697 shares of company stock valued at $723,620 in the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SOFI. Vanguard Group Inc. boosted its stake in shares of SoFi Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock worth $604,632,000 after acquiring an additional 1,366,271 shares during the last quarter. State Street Corp boosted its stake in SoFi Technologies by 1.7% during the 3rd quarter. State Street Corp now owns 18,062,855 shares of the company’s stock worth $141,974,000 after purchasing an additional 310,532 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of SoFi Technologies by 2.1% during the third quarter. Geode Capital Management LLC now owns 17,619,084 shares of the company’s stock worth $138,523,000 after buying an additional 358,806 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of 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 buying an additional 9,482,683 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of SoFi Technologies by 6.4% in the second 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. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Trading Up 2.3 %

The stock has a market capitalization of $16.29 billion, a PE ratio of 150.12, a P/E/G ratio of 2.40 and a beta of 1.60. 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 company’s 50 day moving average price is $10.28 and its two-hundred day moving average price is $8.15.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating 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 business had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same period in the prior year, the business earned ($0.03) earnings per share. The business’s revenue was up 29.8% compared to the same quarter last year. As a group, analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current 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.