SoFi Technologies (NASDAQ:SOFI) Stock Price Up 1.2% After Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price shot up 1.2% during 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 $14.60. 16,245,984 shares traded hands during trading, a decline of 66% from the average session volume of 47,413,004 shares. The stock had previously closed at $14.42.

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

Insider Buying and Selling at SoFi Technologies

In other news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the sale, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the sale, the executive vice president now owns 161,511 shares of the company’s stock, valued at approximately $1,290,472.89. The trade was a 5.45 % 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 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of SoFi Technologies by 214.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock worth $30,971,000 after acquiring an additional 2,688,847 shares during the last quarter. Mount Lucas Management LP acquired a new stake in SoFi Technologies during the third quarter worth about $920,000. Consolidated Investment Group LLC increased its position in SoFi Technologies by 119.0% during the third quarter. Consolidated Investment Group LLC now owns 138,000 shares of the company’s stock worth $1,085,000 after purchasing an additional 75,000 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in SoFi Technologies by 4,252.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 88,580 shares of the company’s stock valued at $585,000 after purchasing an additional 86,545 shares during the last quarter. Finally, SpiderRock Advisors LLC grew its stake in shares of SoFi Technologies by 98.2% in the 3rd quarter. SpiderRock Advisors LLC now owns 251,246 shares of the company’s stock valued at $1,975,000 after buying an additional 124,500 shares during the period. Institutional investors and hedge funds own 38.43% of the company’s stock.

SoFi Technologies Price Performance

The firm has a market cap of $16.29 billion, a price-to-earnings ratio of 150.12, a P/E/G ratio of 2.40 and a beta of 1.60. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The stock’s fifty day moving average price is $10.28 and its 200-day moving average price is $8.15.

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