SoFi Technologies (NASDAQ:SOFI) Stock Price Up 1.9% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) rose 1.9% during trading on Friday . The stock traded as high as $11.34 and last traded at $11.14. Approximately 22,192,008 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 45,803,227 shares. The stock had previously closed at $10.93.

Wall Street Analysts Forecast Growth

SOFI has been the subject of several research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Wednesday, July 31st. Barclays reduced their target price on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods reduced their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research note on Tuesday, July 9th. Finally, Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.25.

SoFi Technologies Trading Up 0.5 %

The firm has a market capitalization of $11.62 billion, a price-to-earnings ratio of -35.45, a price-to-earnings-growth ratio of 2.08 and a beta of 1.70. The firm’s 50 day moving average is $8.31 and its 200 day moving average is $7.43. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $598.60 million during the quarter, compared to the consensus estimate of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.06) EPS. Equities analysts forecast that SoFi Technologies, Inc. will post 0.1 earnings per share for the current year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the transaction, the executive vice president now owns 161,511 shares in the company, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the transaction, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the transaction, the executive vice president now owns 161,511 shares in the company, valued at approximately $1,290,472.89. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,636 shares of company stock worth $904,677. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SOFI. ORG Partners LLC bought a new stake in shares of SoFi Technologies during the 1st quarter worth $27,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after buying an additional 1,543 shares during the period. GAMMA Investing LLC boosted its holdings in SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after purchasing an additional 1,981 shares during the period. Waldron Private Wealth LLC bought a new stake in SoFi Technologies in the 3rd quarter valued at $39,000. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in SoFi Technologies in the 3rd quarter valued at $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.