Bank of America Reaffirms Underperform Rating for SoFi Technologies (NASDAQ:SOFI)

Bank of America restated their underperform rating on shares of SoFi Technologies (NASDAQ:SOFI) in a research report report published on Monday morning, MarketBeat reports. Bank of America currently has a $12.00 target price on the stock.

Several other equities analysts also recently commented on the company. Citigroup downgraded SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Barclays increased their price target on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price objective on SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Mizuho increased their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, Jefferies Financial Group boosted their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, SoFi Technologies currently has an average rating of “Hold” and an average price target of $10.50.

SoFi Technologies Stock Performance

Shares of SOFI opened at $15.57 on Monday. The stock has a 50 day moving average of $12.19 and a 200 day moving average of $8.90. The company has a market capitalization of $16.90 billion, a price-to-earnings ratio of 155.72, a PEG ratio of 2.66 and a beta of 1.77. SoFi Technologies has a 12 month low of $6.01 and a 12 month high of $16.61. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The business’s revenue was up 29.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) EPS. As a group, sell-side analysts forecast that SoFi Technologies will post 0.12 earnings per share for the current year.

Insider Buying and Selling at SoFi Technologies

In related news, EVP Kelli Keough sold 9,308 shares of the firm’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 sale, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This trade represents a 5.45 % decrease in their ownership of the stock. The sale 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 SoFi Technologies stock in a transaction that occurred 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 sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. The trade was a 11.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,960,748 shares of company stock valued at $415,523,316 in the last three months. Company insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP bought a new position in SoFi Technologies in the third quarter valued at $27,000. Brooklyn Investment Group purchased a new position in shares of SoFi Technologies in the 3rd quarter worth about $28,000. Allspring Global Investments Holdings LLC increased its position 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 valued at $29,000 after purchasing an additional 1,543 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of SoFi Technologies by 65.3% during the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after buying an additional 1,981 shares in the last quarter. Finally, Waldron Private Wealth LLC bought a new stake in SoFi Technologies in the 3rd quarter worth approximately $39,000. 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.