SoFi Technologies (NASDAQ:SOFI) Price Target Raised to $13.00 at Morgan Stanley

SoFi Technologies (NASDAQ:SOFI) had its target price upped by research analysts at Morgan Stanley from $7.50 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s price target points to a potential downside of 14.13% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on SOFI. JPMorgan Chase & Co. raised their price target on SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Bank of America reaffirmed an “underperform” rating and issued a $12.00 price target on shares of SoFi Technologies in a report on Monday, December 9th. Barclays increased their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Mizuho lifted their target price on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, SoFi Technologies has an average rating of “Hold” and an average price target of $11.04.

SoFi Technologies Price Performance

SoFi Technologies stock traded down $0.10 during mid-day trading on Thursday, hitting $15.14. 27,835,214 shares of the company were exchanged, compared to its average volume of 47,670,414. The company has a market capitalization of $16.43 billion, a PE ratio of 151.42, a price-to-earnings-growth ratio of 2.65 and a beta of 1.77. The business has a fifty day moving average of $13.30 and a 200 day moving average of $9.33. SoFi Technologies has a 1-year low of $6.01 and a 1-year high of $17.19. 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 the consensus estimate of $0.04 by $0.01. The firm had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period last year, the firm posted ($0.03) EPS. As a group, sell-side analysts expect that SoFi Technologies will post 0.12 earnings per share for the current year.

Insider Buying and Selling

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, 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 11.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the transaction, the executive vice president now owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This trade represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,012,748 shares of company stock valued at $416,356,356 in the last 90 days. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of SoFi Technologies by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after purchasing an additional 87,097 shares during the last quarter. Zacks Investment Management acquired a new stake in SoFi Technologies in the 3rd quarter valued at $3,766,000. Citizens Financial Group Inc. RI lifted its position in SoFi Technologies by 41.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock worth $1,892,000 after buying an additional 70,603 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of SoFi Technologies by 214.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after acquiring an additional 2,688,847 shares in the last quarter. Finally, Qsemble Capital Management LP bought a new position in shares of SoFi Technologies in the 3rd quarter valued at about $930,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

SoFi Technologies Company Profile

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.