SoFi Technologies (NASDAQ:SOFI) Stock Price Up 1.9% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price shot up 1.9% during trading on Friday . The company traded as high as $11.34 and last traded at $11.14. 22,192,008 shares were traded during trading, a decline of 52% from the average session volume of 45,803,227 shares. The stock had previously closed at $10.93.

Analyst Ratings Changes

A number of research firms have recently commented on SOFI. Barclays reduced their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a research report on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods dropped their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $9.25.

SoFi Technologies Stock Performance

The firm’s 50-day moving average price is $8.31 and its 200 day moving average price is $7.43. 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 company has a market cap of $11.62 billion, a price-to-earnings ratio of -35.45, a PEG ratio of 2.08 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The company had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. During the same quarter in the previous year, the company earned ($0.06) EPS. SoFi Technologies’s revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insider Buying and Selling

In related news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies 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 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 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 0.00 % 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 SoFi Technologies 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 directly owns 161,511 shares in the company, valued at approximately $1,290,472.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,636 shares of company stock valued at $904,677 in the last 90 days. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its position in shares of SoFi Technologies by 263.3% in the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after purchasing an additional 9,482,683 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of SoFi Technologies by 176.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after purchasing an additional 6,870,610 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in SoFi Technologies by 176.3% during the first quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after buying an additional 6,870,610 shares during the last quarter. Marshall Wace LLP increased its holdings in SoFi Technologies by 130.0% during the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock worth $42,026,000 after buying an additional 3,593,464 shares during the last quarter. Finally, Mizuho Markets Americas LLC increased its holdings in SoFi Technologies by 403.4% during the second quarter. Mizuho Markets Americas LLC now owns 3,045,737 shares of the company’s stock worth $20,132,000 after buying an additional 2,440,745 shares during the last quarter. Institutional investors 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.