SoFi Technologies (NASDAQ:SOFI) Stock Price Up 0.7% on Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) shares traded up 0.7% during 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. 17,465,073 shares traded hands during trading, a decline of 63% from the average session volume of 47,627,586 shares. The stock had previously closed at $15.24.

Several other analysts have also commented on SOFI. JPMorgan Chase & Co. raised their target price on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. Needham & Company LLC lifted their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Jefferies Financial Group lifted their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Mizuho increased their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, Barclays lifted their price target on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note 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 assigned a buy rating to the company. According to data from MarketBeat.com, SoFi Technologies presently has an average rating of “Hold” and a consensus price target of $11.04.

Insiders Place Their Bets

In related news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the transaction, the chief technology officer now owns 521,505 shares in the company, valued at approximately $4,234,620.60. This trade represents a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the sale, the executive vice president now owns 161,511 shares of the company’s stock, valued at approximately $1,290,472.89. The trade was a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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 Inflows and Outflows

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

SoFi Technologies Price Performance

The stock has a 50-day simple moving average of $13.30 and a 200 day simple moving average of $9.33. The company has a market cap of $16.34 billion, a PE ratio of 150.62, a P/E/G ratio of 2.65 and a beta of 1.77. 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 issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. SoFi Technologies’s revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) EPS. Equities analysts expect that SoFi Technologies, Inc. will post 0.12 EPS 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.