SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.1% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price traded up 2.1% during mid-day trading on Friday . The company traded as high as $14.51 and last traded at $14.43. 13,713,445 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 44,061,055 shares. The stock had previously closed at $14.13.

Analysts Set New Price Targets

A number of brokerages have recently commented on SOFI. JPMorgan Chase & Co. upped their price target on SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday, December 2nd. The Goldman Sachs Group lifted their target price 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. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $8.00 price objective (up from $7.00) on shares of SoFi Technologies in a report on Thursday. 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 report on Wednesday, October 30th. Finally, Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Four investment 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $11.13.

SoFi Technologies Price Performance

The stock has a market capitalization of $16.10 billion, a P/E ratio of 148.41, a price-to-earnings-growth ratio of 2.70 and a beta of 1.77. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The firm has a 50-day moving average price of $14.59 and a 200 day moving average price of $10.06.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $631.59 million. During the same period last year, the firm posted ($0.03) earnings per share. The business’s revenue was up 29.8% compared to the same quarter last year. On average, analysts expect that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Insider Activity

In related news, EVP Kelli Keough sold 8,914 shares of SoFi Technologies stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $15.59, for a total value of $138,969.26. Following the transaction, the executive vice president now directly owns 187,725 shares of the company’s stock, valued at $2,926,632.75. The trade was a 4.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $16.03, for a total transaction of $386,417,705.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,009,264 shares of company stock valued at $416,889,795. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings in SoFi Technologies by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after acquiring an additional 87,097 shares in the last quarter. Zacks Investment Management purchased a new position in shares of SoFi Technologies during the third quarter valued at about $3,766,000. Citizens Financial Group Inc. RI raised its stake in SoFi Technologies by 41.5% in the third quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock worth $1,892,000 after buying an additional 70,603 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in SoFi Technologies by 214.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock worth $30,971,000 after buying an additional 2,688,847 shares during the period. Finally, Qsemble Capital Management LP bought a new stake in SoFi Technologies during the 3rd quarter valued at approximately $930,000. 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.