SoFi Technologies (NASDAQ:SOFI) Stock Price Up 3.4% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) traded up 3.4% during trading on Thursday . The stock traded as high as $16.09 and last traded at $16.03. 14,622,784 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 36,953,266 shares. The stock had previously closed at $15.51.

Wall Street Analyst Weigh In

SOFI has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their price target on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Morgan Stanley raised their price target on SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a research note on Thursday, December 19th. Citigroup upped their price objective on shares of SoFi Technologies from $12.50 to $18.00 and gave the company a “buy” rating in a research note on Tuesday. Needham & Company LLC raised their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, William Blair started coverage on shares of SoFi Technologies in a research report on Wednesday. They set an “outperform” rating for the company. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $11.71.

SoFi Technologies Price Performance

The business’s 50 day moving average price is $15.32 and its 200-day moving average price is $10.63. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The company has a market cap of $17.90 billion, a PE ratio of 165.02, a price-to-earnings-growth ratio of 0.96 and a beta of 1.78.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates 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%. The firm’s revenue was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) EPS. As a group, analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 9,590 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $14.56, for a total transaction of $139,630.40. Following the completion of the transaction, the executive vice president now directly owns 142,613 shares of the company’s stock, valued at $2,076,445.28. This trade represents a 6.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $16.03, for a total transaction of $386,417,705.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,009,264 shares of company stock valued at $416,889,795. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors have recently modified their holdings of SOFI. Victory Capital Management Inc. grew its position in shares of SoFi Technologies by 6.9% during the second quarter. Victory Capital Management Inc. now owns 127,342 shares of the company’s stock worth $842,000 after acquiring an additional 8,267 shares during the last quarter. Choreo LLC acquired a new stake in shares of SoFi Technologies in the second quarter valued at approximately $101,000. Dimensional Fund Advisors LP raised its holdings in shares of SoFi Technologies by 263.3% during the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock valued at $86,478,000 after buying an additional 9,482,683 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of SoFi Technologies during the second quarter worth approximately $1,720,000. Finally, Mercer Global Advisors Inc. ADV grew its holdings in SoFi Technologies by 7.1% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 70,401 shares of the company’s stock worth $465,000 after buying an additional 4,661 shares in 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.