SoFi Technologies (NASDAQ:SOFI) Price Target Raised to $17.00

SoFi Technologies (NASDAQ:SOFI) had its price target lifted by equities researchers at Truist Financial from $16.00 to $17.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial‘s price target suggests a potential upside of 1.77% from the company’s current price.

Several other research firms have also weighed in on SOFI. Keefe, Bruyette & Woods upped their target price on SoFi Technologies from $15.00 to $16.00 and gave the company an “underperform” rating in a report on Wednesday, October 28th. Wells Fargo & Company reiterated a “negative” rating on shares of SoFi Technologies in a research report on Wednesday, October 28th. Bank of America reissued an “underperform” rating and issued a $16.50 price objective on shares of SoFi Technologies in a research note on Wednesday, October 28th. Weiss Ratings upgraded shares of SoFi Technologies from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, October 21st. Finally, Scotiabank restated a “sector outperform” rating and set a $26.00 target price (up from $25.00) on shares of SoFi Technologies in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $21.27.

SoFi Technologies Price Performance

Shares of NASDAQ:SOFI traded up $0.10 during trading on Tuesday, hitting $16.70. 17,819,585 shares of the stock were exchanged, compared to its average volume of 63,693,711. The company has a fifty day moving average price of $16.53 and a two-hundred day moving average price of $17.84. The company has a market cap of $21.57 billion, a PE ratio of 30.41, a P/E/G ratio of 0.99 and a beta of 2.33. The company has a current ratio of 0.74, a quick ratio of 0.10 and a debt-to-equity ratio of 0.30. SoFi Technologies has a 12-month low of $13.86 and a 12-month high of $32.73.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, October 27th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.25 billion. SoFi Technologies had a return on equity of 6.89% and a net margin of 15.60%. The company’s revenue was up 44.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.11 EPS. On average, analysts forecast that SoFi Technologies will post 0.61 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Kelli Keough sold 11,286 shares of SoFi Technologies stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $18.00, for a total transaction of $203,148.00. Following the completion of the sale, the executive vice president owned 356,442 shares in the company, valued at approximately $6,415,956. This trade represents a 3.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jeremy Rishel sold 18,624 shares of SoFi Technologies stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $17.50, for a total value of $325,920.00. Following the sale, the chief technology officer owned 912,650 shares of the company’s stock, valued at approximately $15,971,375. This represents a 2.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 50,316 shares of company stock valued at $852,605. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds have recently modified their holdings of SOFI. BlackRock Inc. acquired a new stake in shares of SoFi Technologies in the 2nd quarter valued at about $1,298,925,000. Bank of America Corp DE acquired a new position in SoFi Technologies in the second quarter worth about $163,808,000. D.A. Davidson & CO. increased its holdings in SoFi Technologies by 22.2% in the first quarter. D.A. Davidson & CO. now owns 267,848 shares of the company’s stock valued at $4,253,000 after buying an additional 48,682 shares during the last quarter. Illinois Municipal Retirement Fund increased its holdings in SoFi Technologies by 24.7% in the first quarter. Illinois Municipal Retirement Fund now owns 189,849 shares of the company’s stock valued at $3,015,000 after buying an additional 37,554 shares during the last quarter. Finally, Clare Market Investments LLC bought a new stake in SoFi Technologies in the first quarter valued at about $570,000. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

SoFi Technologies, Inc is a digital financial services company that provides lending, banking, investing and other personal finance products through its online platform and mobile app. The company serves consumers primarily in the United States and aims to provide a centralized alternative to traditional financial institutions.

SoFi’s offerings include personal loans, student loan refinancing, home loans, checking and savings accounts, credit cards, investment products and financial education resources.