SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.7% After Insider Buying Activity

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) were up 2.7% on Monday after an insider bought additional shares in the company. The company traded as high as $7.27 and last traded at $7.15. Approximately 25,527,049 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 53,993,969 shares. The stock had previously closed at $6.96.

Specifically, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $6.93, for a total value of $389,971.89. Following the transaction, the chief technology officer now owns 390,616 shares in the company, valued at $2,706,968.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Anthony Noto purchased 28,775 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were acquired at an average price of $6.90 per share, with a total value of $198,547.50. Following the acquisition, the chief executive officer now directly owns 8,033,369 shares in the company, valued at $55,430,246.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the transaction, the chief technology officer now directly owns 390,616 shares of the company’s stock, valued at $2,706,968.88. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on SOFI. The Goldman Sachs Group upped their price target on SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Wedbush reaffirmed an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a research note on Tuesday, April 30th. Citigroup initiated coverage on shares of SoFi Technologies in a research report on Monday, April 8th. They set a “buy” rating and a $11.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a research report on Tuesday, April 30th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $6.50 price target (down previously from $7.00) on shares of SoFi Technologies in a research report on Wednesday, January 31st. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and an average target price of $9.08.

SoFi Technologies Stock Down 1.4 %

The company has a quick ratio of 0.23, a current ratio of 1.04 and a debt-to-equity ratio of 1.00. The company has a fifty day simple moving average of $7.48 and a 200 day simple moving average of $7.84. The firm has a market capitalization of $6.90 billion, a P/E ratio of -23.06 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $580.60 million for the quarter, compared to the consensus estimate of $555.27 million. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. SoFi Technologies’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. On average, equities analysts expect that SoFi Technologies, Inc. will post 0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Reynders McVeigh Capital Management LLC boosted its position in shares of SoFi Technologies by 24.3% during the first quarter. Reynders McVeigh Capital Management LLC now owns 183,743 shares of the company’s stock valued at $1,342,000 after buying an additional 35,935 shares during the last quarter. Swiss National Bank boosted its holdings in shares of SoFi Technologies by 1.1% during the 1st quarter. Swiss National Bank now owns 1,798,400 shares of the company’s stock valued at $13,128,000 after acquiring an additional 19,600 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of SoFi Technologies by 12.0% during the first quarter. Oppenheimer & Co. Inc. now owns 229,804 shares of the company’s stock valued at $1,678,000 after purchasing an additional 24,699 shares during the last quarter. Empowered Funds LLC boosted its holdings in SoFi Technologies by 22.2% in the first quarter. Empowered Funds LLC now owns 47,854 shares of the company’s stock worth $349,000 after purchasing an additional 8,707 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in SoFi Technologies in the 1st quarter worth approximately $79,000. 38.43% of the stock is owned by institutional investors.

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.