SoFi Technologies (NASDAQ:SOFI) Given New $13.00 Price Target at Morgan Stanley

SoFi Technologies (NASDAQ:SOFI) had its price objective hoisted by research analysts at Morgan Stanley from $7.50 to $13.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Morgan Stanley’s price objective points to a potential downside of 15.31% from the stock’s previous close.

Several other equities analysts have also recently issued reports on SOFI. Needham & Company LLC raised their price target on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. The Goldman Sachs Group boosted their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Mizuho raised their price objective on shares of SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. increased their price target on SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $11.04.

SoFi Technologies Trading Up 2.1 %

Shares of NASDAQ SOFI opened at $15.35 on Thursday. SoFi Technologies has a 1-year low of $6.01 and a 1-year high of $17.19. The company has a 50-day moving average of $13.55 and a two-hundred day moving average of $9.43. The company has a market cap of $16.66 billion, a PE ratio of 153.52, a P/E/G ratio of 2.65 and a beta of 1.77. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52.

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

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 64,991 shares of the firm’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the sale, the chief technology officer now directly owns 586,494 shares in the company, valued at $9,219,685.68. This trade represents a 9.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Eric Schuppenhauer bought 30,600 shares of SoFi Technologies stock in a transaction that occurred on Monday, December 16th. The stock was bought at an average cost of $16.34 per share, with a total value of $500,004.00. Following the completion of the purchase, the executive vice president now owns 46,105 shares in the company, valued at approximately $753,355.70. This trade represents a 197.36 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 26,009,658 shares of company stock worth $416,825,197. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new stake in shares of SoFi Technologies in the third quarter valued at approximately $27,000. Brooklyn Investment Group acquired a new stake in SoFi Technologies in the 3rd quarter valued at $28,000. Allspring Global Investments Holdings LLC increased its stake in SoFi Technologies by 55.3% in the 2nd 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. Waldron Private Wealth LLC bought a new stake in SoFi Technologies during the 3rd quarter worth about $39,000. Finally, Gilliland Jeter Wealth Management LLC bought a new position in shares of SoFi Technologies in the 3rd quarter valued at about $47,000. Institutional investors and hedge funds 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.