SoFi Technologies (NASDAQ:SOFI) Shares Up 7.3% on Earnings Beat

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) shot up 7.3% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $11.28 and last traded at $11.23. 33,033,652 shares changed hands during trading, a decline of 29% from the average session volume of 46,610,070 shares. The stock had previously closed at $10.47.

The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $697.10 million for the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The business’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) earnings per share.

Analysts Set New Price Targets

SOFI has been the subject of a number of research analyst reports. Barclays upped 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 note on Wednesday. Needham & Company LLC lifted their target price on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday. The Goldman Sachs Group upped 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. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods lowered their target price on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $9.32.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $10.36, for a total value of $96,430.88. Following the completion of the sale, the executive vice president now owns 152,203 shares of the company’s stock, valued at approximately $1,576,823.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Kelli Keough sold 9,308 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction of $96,430.88. Following the completion of the transaction, the executive vice president now owns 152,203 shares in the company, valued at approximately $1,576,823.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,636 shares of company stock valued at $904,677. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Stratos Wealth Advisors LLC raised its stake in shares of SoFi Technologies by 3.3% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 32,610 shares of the company’s stock worth $256,000 after purchasing an additional 1,054 shares during the period. NBC Securities Inc. lifted its holdings in shares of SoFi Technologies by 12.7% during the 3rd quarter. NBC Securities Inc. now owns 9,581 shares of the company’s stock worth $75,000 after acquiring an additional 1,081 shares during the period. Rosenberg Matthew Hamilton boosted its position in shares of SoFi Technologies by 11.4% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 12,026 shares of the company’s stock valued at $95,000 after acquiring an additional 1,226 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in SoFi Technologies by 55.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after acquiring an additional 1,543 shares during the period. Finally, Pegasus Asset Management Inc. raised its position in SoFi Technologies by 1.4% in the third quarter. Pegasus Asset Management Inc. now owns 112,951 shares of the company’s stock worth $888,000 after purchasing an additional 1,607 shares in the last quarter. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Trading Down 0.4 %

The company has a debt-to-equity ratio of 0.53, a current ratio of 0.88 and a quick ratio of 0.21. The business’s 50 day simple moving average is $8.60 and its 200 day simple moving average is $7.53. The stock has a market cap of $11.91 billion, a P/E ratio of 111.70, a PEG ratio of 2.08 and a beta of 1.70.

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.