SoFi Technologies (NASDAQ:SOFI) Trading 0.3% Higher After Insider Buying Activity

SoFi Technologies, Inc. (NASDAQ:SOFI) rose 0.3% on Tuesday after an insider bought additional shares in the company. The stock traded as high as $7.18 and last traded at $7.18. Approximately 8,007,087 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 53,758,680 shares. The stock had previously closed at $7.16.

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

Wall Street Analyst Weigh In

SOFI has been the subject of several recent research reports. Citigroup started coverage on SoFi Technologies in a report on Monday, April 8th. They set a “buy” rating and a $11.00 price target for the company. Keefe, Bruyette & Woods upgraded shares of SoFi Technologies from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $6.50 to $7.50 in a report on Friday, April 5th. Mizuho dropped their target price on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. Wedbush reaffirmed an “underperform” rating and issued a $3.00 target price on shares of SoFi Technologies in a report on Tuesday, April 30th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a research report on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, SoFi Technologies currently has an average rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Price Performance

The business’s 50-day simple moving average is $7.44 and its two-hundred day simple moving average is $7.84. 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 stock has a market cap of $6.89 billion, a P/E ratio of -22.81 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. The business had revenue of $580.60 million during the quarter, compared to analyst estimates of $555.27 million. During the same period in the previous year, the business earned ($0.05) EPS. SoFi Technologies’s revenue was up 26.2% compared to the same quarter last year. Sell-side analysts expect that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC bought a new position in shares of SoFi Technologies in the fourth quarter valued at approximately $27,000. ORG Partners LLC purchased a new stake in shares of SoFi Technologies in the first quarter worth $27,000. Westside Investment Management Inc. grew its position in SoFi Technologies by 93.8% during the fourth quarter. Westside Investment Management Inc. now owns 3,100 shares of the company’s stock worth $31,000 after buying an additional 1,500 shares in the last quarter. SOA Wealth Advisors LLC. raised its holdings in shares of SoFi Technologies by 61.2% in the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after acquiring an additional 1,713 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of SoFi Technologies during the first quarter worth about $37,000. Institutional investors own 38.43% of the company’s stock.

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.