SoFi Technologies (NASDAQ:SOFI) Trading 2.2% Higher – Should You Buy?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price was up 2.2% during mid-day trading on Thursday . The stock traded as high as $16.44 and last traded at $16.38. Approximately 8,949,219 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 47,423,371 shares. The stock had previously closed at $16.02.

Analyst Upgrades and Downgrades

SOFI has been the topic of a number of research analyst reports. Bank of America reissued an “underperform” rating and issued a $12.00 target price on shares of SoFi Technologies in a research note on Monday, December 9th. Morgan Stanley raised their price objective on SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a report on Thursday, December 19th. JPMorgan Chase & Co. boosted their target price on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. Needham & Company LLC increased their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Mizuho boosted their price objective 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. Three equities 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 company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $11.04.

SoFi Technologies Price Performance

The stock has a market cap of $17.34 billion, a PE ratio of 159.82, a PEG ratio of 2.65 and a beta of 1.77. The business’s 50-day simple moving average is $14.15 and its 200-day simple moving average is $9.75. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The company had revenue of $697.10 million for the quarter, compared to the consensus estimate of $631.59 million. During the same quarter in the previous year, the business earned ($0.03) EPS. SoFi Technologies’s revenue was up 29.8% compared to the same quarter last year. On average, research analysts expect that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In related news, CTO Jeremy Rishel sold 64,991 shares of SoFi Technologies stock in a transaction that occurred on 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 directly owns 586,494 shares in the company, valued at $9,219,685.68. The trade was 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 9,590 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $14.56, for a total value of $139,630.40. Following the completion of the sale, the executive vice president now directly owns 142,613 shares in the company, valued at approximately $2,076,445.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,009,264 shares of company stock worth $416,889,795 over the last quarter. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. World Investment Advisors LLC lifted its position in SoFi Technologies by 6.5% during the 3rd quarter. World Investment Advisors LLC now owns 21,745 shares of the company’s stock valued at $171,000 after acquiring an additional 1,336 shares during the period. Virtu Financial LLC purchased a new position in shares of SoFi Technologies during the third quarter valued at approximately $1,649,000. Coldstream Capital Management Inc. bought a new stake in shares of SoFi Technologies in the 3rd quarter worth approximately $93,000. Geode Capital Management LLC grew its stake in shares of SoFi Technologies by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 17,619,084 shares of the company’s stock worth $138,523,000 after buying an additional 358,806 shares during the last quarter. Finally, M&T Bank Corp raised its stake in SoFi Technologies by 5.4% during the third quarter. M&T Bank Corp now owns 45,582 shares of the company’s stock valued at $359,000 after buying an additional 2,332 shares during the last quarter. 38.43% of the stock is owned by hedge funds and other institutional investors.

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.