SoFi Technologies (NASDAQ:SOFI) Trading Up 0.7% Following Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) was up 0.7% during mid-day trading on Thursday after Morgan Stanley raised their price target on the stock from $7.50 to $13.00. Morgan Stanley currently has an underweight rating on the stock. SoFi Technologies traded as high as $15.99 and last traded at $15.35. Approximately 17,465,073 shares traded hands during trading, a decline of 63% from the average daily volume of 47,627,586 shares. The stock had previously closed at $15.24.

A number of other brokerages have also issued reports on SOFI. Mizuho upped 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. Bank of America reaffirmed an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a report on Monday, December 9th. Jefferies Financial Group lifted their target price on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Needham & Company LLC raised their price target on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. 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. According to MarketBeat.com, SoFi Technologies presently has an average rating of “Hold” and an average price target of $11.04.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 64,991 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $15.72, for a total value of $1,021,658.52. Following the sale, the chief technology officer now owns 586,494 shares in the company, valued at approximately $9,219,685.68. The trade was a 9.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the transaction, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This represents a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,009,658 shares of company stock worth $416,825,197. Company insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

A number of institutional investors have recently made changes to their positions in SOFI. Dimensional Fund Advisors LP raised its holdings in SoFi Technologies by 263.3% during the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after acquiring an additional 9,482,683 shares in the last quarter. Marshall Wace LLP increased its position in shares of SoFi Technologies by 130.0% during the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock worth $42,026,000 after purchasing an additional 3,593,464 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of SoFi Technologies by 214.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock worth $30,971,000 after purchasing an additional 2,688,847 shares in the last quarter. Mizuho Markets Americas LLC boosted its holdings in shares of SoFi Technologies by 403.4% in the 2nd quarter. Mizuho Markets Americas LLC now owns 3,045,737 shares of the company’s stock valued at $20,132,000 after buying an additional 2,440,745 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of SoFi Technologies in the third quarter valued at $16,014,000. Institutional investors own 38.43% of the company’s stock.

SoFi Technologies Stock Performance

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 stock’s fifty day moving average is $13.55 and its two-hundred day moving average is $9.43. The firm has a market capitalization of $16.66 billion, a price-to-earnings ratio of 153.52, a P/E/G ratio of 2.65 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share 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 company had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. During the same period in the previous year, the business earned ($0.03) EPS. SoFi Technologies’s revenue for the quarter was up 29.8% compared to the same quarter last year. On average, analysts predict that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

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.