SoFi Technologies (NASDAQ:SOFI) Reaches New 52-Week High – Time to Buy?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price reached a new 52-week high during mid-day trading on Saturday . The stock traded as high as $16.61 and last traded at $16.41, with a volume of 31524910 shares trading hands. The stock had previously closed at $16.12.

Analyst Upgrades and Downgrades

SOFI has been the topic of several research analyst reports. 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. Barclays increased their target price on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Mizuho raised their price target on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Needham & Company LLC increased their price objective on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $9.80.

SoFi Technologies Stock Performance

The firm has a market cap of $17.81 billion, a P/E ratio of 164.12, a P/E/G ratio of 2.73 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 business has a fifty day simple moving average of $11.23 and a 200-day simple moving average of $8.52.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (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 quarter in the prior year, the firm posted ($0.03) earnings per share. The business’s revenue was up 29.8% on a year-over-year basis. On average, sell-side analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Activity

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction that occurred on Monday, September 23rd. The shares were 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 of the company’s stock, valued at $1,290,472.89. The trade was a 5.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This trade represents a 11.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 96,287 shares of company stock valued at $863,250 in the last 90 days. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new position in shares of SoFi Technologies during the third quarter worth $27,000. Brooklyn Investment Group bought a new position in shares of SoFi Technologies during the 3rd quarter valued at approximately $28,000. Allspring Global Investments Holdings LLC increased its holdings in shares of SoFi Technologies by 55.3% in 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 last quarter. GAMMA Investing LLC increased its stake in SoFi Technologies by 65.3% during the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock worth $33,000 after acquiring an additional 1,981 shares during the last quarter. Finally, Waldron Private Wealth LLC purchased a new stake in SoFi Technologies during the 3rd quarter valued at $39,000. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

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.