SoFi Technologies (NASDAQ:SOFI) Shares Up 2.1% on Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price rose 2.1% on Friday after Morgan Stanley raised their price target on the stock from $7.50 to $13.00. Morgan Stanley currently has an underweight rating on the stock. SoFi Technologies traded as high as $15.37 and last traded at $15.35. Approximately 16,794,154 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 47,606,477 shares. The stock had previously closed at $15.03.

SOFI has been the topic of a number of other reports. JPMorgan Chase & Co. upped their target price on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Bank of America reaffirmed an “underperform” rating and issued a $12.00 target price on shares of SoFi Technologies in a research note on Monday, December 9th. Jefferies Financial Group boosted their price target 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. Finally, Barclays raised their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $11.04.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 64,991 shares of the 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 completion of the sale, the chief technology officer now owns 586,494 shares of the company’s stock, valued at $9,219,685.68. This represents a 9.98 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was 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 directly 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 sold 26,009,658 shares of company stock valued at $416,825,197 over the last three months. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in SoFi Technologies during the 3rd quarter valued at about $27,000. Brooklyn Investment Group bought a new stake in shares of SoFi Technologies in the 3rd quarter worth approximately $28,000. Allspring Global Investments Holdings LLC increased its stake 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 period. Waldron Private Wealth LLC bought a new position in shares of SoFi Technologies during the third quarter valued at approximately $39,000. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in SoFi Technologies in the third quarter worth $47,000. 38.43% of the stock is owned by institutional investors.

SoFi Technologies Trading Up 2.1 %

The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The firm’s fifty day moving average is $13.55 and its two-hundred day moving average is $9.43. The firm has a market cap of $16.66 billion, a P/E ratio of 153.52, a PEG ratio of 2.65 and a beta of 1.77.

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

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.