SoFi Technologies (NASDAQ:SOFI) Hits New 12-Month High – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) hit a new 52-week high on Saturday . The stock traded as high as $16.61 and last traded at $16.41, with a volume of 31524910 shares trading hands. The stock had previously closed at $16.12.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SOFI shares. The Goldman Sachs Group increased their price objective on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Mizuho increased their price target on shares of SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Needham & Company LLC boosted their price objective 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. Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Barclays raised their target price on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $9.80.

SoFi Technologies Trading Up 1.8 %

The stock’s 50 day moving average is $11.06 and its 200-day moving average is $8.45. 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 has a market capitalization of $17.81 billion, a P/E ratio of 164.12, a P/E/G ratio of 2.68 and a beta of 1.60.

SoFi Technologies (NASDAQ:SOFI) last released 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 during the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The firm’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.03) EPS. As a group, equities research analysts anticipate that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

Insider Activity

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction on Friday, September 20th. The stock was 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 owns 521,505 shares in the company, valued at approximately $4,234,620.60. The trade was a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the sale, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. This trade represents a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,287 shares of company stock worth $863,250. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake in SoFi Technologies during the 3rd quarter valued at about $27,000. Brooklyn Investment Group bought a new position in shares of SoFi Technologies in the third quarter worth approximately $28,000. Allspring Global Investments Holdings LLC grew its holdings in shares of 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 buying an additional 1,543 shares during the last quarter. GAMMA Investing LLC increased its position in shares of SoFi Technologies by 65.3% during the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after acquiring an additional 1,981 shares in the last quarter. Finally, Waldron Private Wealth LLC purchased a new position in SoFi Technologies in the 3rd quarter worth approximately $39,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.