SoFi Technologies (NASDAQ:SOFI) Stock Price Up 7.3% Following Earnings Beat

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) were up 7.3% on Wednesday following a stronger than expected earnings report. The company traded as high as $11.28 and last traded at $11.23. Approximately 33,033,652 shares were traded during trading, a decline of 29% from the average daily volume of 46,610,070 shares. The stock had previously closed at $10.47.

The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm’s revenue was up 29.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.03) earnings per share.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Barclays upped their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday. Jefferies Financial Group increased their price target on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday. Needham & Company LLC lifted their price objective on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday. The Goldman Sachs Group increased their target price on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods cut their price target on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, SoFi Technologies presently has an average rating of “Hold” and an average target price of $9.32.

Insider Buying and Selling

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies 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 directly owns 521,505 shares of the company’s stock, valued at $4,234,620.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total value 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kelli Keough sold 24,939 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the transaction, the executive vice president now owns 114,407 shares in the company, valued at approximately $830,594.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 111,636 shares of company stock worth $904,677. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Large investors have recently modified their holdings of the company. Stratos Wealth Advisors LLC boosted its holdings in SoFi Technologies by 3.3% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 32,610 shares of the company’s stock valued at $256,000 after purchasing an additional 1,054 shares during the period. NBC Securities Inc. raised its position in shares of SoFi Technologies by 12.7% in the third quarter. NBC Securities Inc. now owns 9,581 shares of the company’s stock worth $75,000 after buying an additional 1,081 shares in the last quarter. Rosenberg Matthew Hamilton boosted its stake in SoFi Technologies by 11.4% during the third quarter. Rosenberg Matthew Hamilton now owns 12,026 shares of the company’s stock valued at $95,000 after buying an additional 1,226 shares during the period. Allspring Global Investments Holdings LLC grew its position in SoFi Technologies by 55.3% during the second 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 in the last quarter. Finally, Pegasus Asset Management Inc. raised its holdings in shares of SoFi Technologies by 1.4% in the 3rd quarter. Pegasus Asset Management Inc. now owns 112,951 shares of the company’s stock valued at $888,000 after acquiring an additional 1,607 shares in the last quarter. 38.43% of the stock is currently owned by institutional investors.

SoFi Technologies Trading Down 0.4 %

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The stock has a market cap of $11.91 billion, a P/E ratio of 111.70, a P/E/G ratio of 2.08 and a beta of 1.70. The stock has a 50-day moving average price of $8.60 and a 200-day moving average price of $7.53.

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.