SoFi Technologies (NASDAQ:SOFI) Price Target Raised to $16.00

SoFi Technologies (NASDAQ:SOFI) had its price objective hoisted by Mizuho from $14.00 to $16.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages also recently commented on SOFI. 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 note on Wednesday, October 30th. Barclays upped their price objective on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group increased their price target on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Jefferies Financial Group upped their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Finally, Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, SoFi Technologies presently has a consensus rating of “Hold” and a consensus price target of $9.80.

SoFi Technologies Stock Up 3.9 %

NASDAQ:SOFI opened at $15.60 on Tuesday. SoFi Technologies has a twelve month low of $6.01 and a twelve month high of $15.75. The firm has a market capitalization of $16.93 billion, a price-to-earnings ratio of 156.02, a price-to-earnings-growth ratio of 2.40 and a beta of 1.60. 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 stock’s 50 day moving average price is $10.44 and its two-hundred day moving average price is $8.20.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly 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. 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 during the quarter, compared to analysts’ expectations of $631.59 million. During the same quarter last year, the company posted ($0.03) earnings per share. The company’s revenue for the quarter was up 29.8% compared to the same quarter last year. Equities research analysts expect that SoFi Technologies will post 0.12 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Kelli Keough sold 9,590 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $14.56, for a total value of $139,630.40. Following the sale, the executive vice president now directly owns 142,613 shares of the company’s stock, valued at approximately $2,076,445.28. This represents a 6.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,287 shares of company stock valued at $863,250. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in shares of SoFi Technologies by 263.3% during the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock valued at $86,478,000 after buying an additional 9,482,683 shares during the last quarter. Marshall Wace LLP lifted its position in shares of SoFi Technologies by 130.0% during the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after purchasing an additional 3,593,464 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in SoFi Technologies by 214.9% during 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 purchasing an additional 2,688,847 shares during the last quarter. Mizuho Markets Americas LLC grew its position in SoFi Technologies by 403.4% in the 2nd quarter. Mizuho Markets Americas LLC now owns 3,045,737 shares of the company’s stock worth $20,132,000 after purchasing an additional 2,440,745 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of SoFi Technologies during the 3rd quarter worth approximately $16,014,000. 38.43% of the stock is owned by institutional investors and hedge funds.

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.