SoFi Technologies (NASDAQ:SOFI) Shares Up 1.5% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) was up 1.5% during mid-day trading on Tuesday . The company traded as high as $15.90 and last traded at $15.87. Approximately 7,100,476 shares changed hands during trading, a decline of 85% from the average daily volume of 47,543,102 shares. The stock had previously closed at $15.63.

Wall Street Analyst Weigh In

Several analysts have commented on SOFI shares. Mizuho raised their price objective on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Jefferies Financial Group lifted their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. The Goldman Sachs Group increased their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday, December 2nd. Finally, Morgan Stanley upped their target price on shares of SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a report on Thursday, December 19th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, SoFi Technologies has a consensus rating of “Hold” and a consensus price target of $11.04.

SoFi Technologies Price Performance

The company has a market cap of $17.38 billion, a price-to-earnings ratio of 160.22, a P/E/G ratio of 2.65 and a beta of 1.77. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average price of $13.90 and a 200 day moving average price of $9.64.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 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 business had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. During the same period last year, the company posted ($0.03) earnings per share. The firm’s quarterly revenue was up 29.8% compared to the same quarter last year. As a group, research analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Jeremy Rishel sold 64,991 shares of the firm’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the sale, the chief technology officer now owns 586,494 shares of the company’s stock, valued at $9,219,685.68. This trade represents a 9.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the business’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 in the company, valued at $1,576,823.08. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,009,264 shares of company stock valued at $416,889,795 over the last ninety days. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Raymond James & Associates boosted its position in shares of SoFi Technologies by 28.6% in the second quarter. Raymond James & Associates now owns 520,301 shares of the company’s stock valued at $3,439,000 after acquiring an additional 115,639 shares during the period. Raymond James Trust N.A. acquired a new stake in shares of SoFi Technologies in the second quarter valued at about $95,000. Bank of New York Mellon Corp lifted its stake in shares of SoFi Technologies by 16.6% in the second quarter. Bank of New York Mellon Corp now owns 3,117,081 shares of the company’s stock worth $20,604,000 after acquiring an additional 443,198 shares during the period. Allspring Global Investments Holdings LLC grew 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, Atomi Financial Group Inc. increased its stake in SoFi Technologies by 12.1% during the 2nd quarter. Atomi Financial Group Inc. now owns 50,693 shares of the company’s stock valued at $335,000 after purchasing an additional 5,489 shares in the last quarter. 38.43% of the stock is currently 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.