SoFi Technologies (NASDAQ:SOFI) Shares Up 2.1% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price rose 2.1% during mid-day trading on Friday . The company traded as high as $15.51 and last traded at $15.32. Approximately 13,015,205 shares were traded during trading, a decline of 73% from the average daily volume of 47,449,852 shares. The stock had previously closed at $15.01.

Analysts Set New Price Targets

Several research firms have commented on SOFI. Jefferies Financial Group raised their target price 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 boosted their price objective on shares of SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Needham & Company LLC raised their target price on SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, The Goldman Sachs Group raised their price objective on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $9.80.

SoFi Technologies Stock Performance

The company has a fifty day moving average price of $10.44 and a two-hundred day moving average price of $8.21. The company has a market capitalization of $16.93 billion, a P/E ratio of 156.02, a PEG ratio of 2.50 and a beta of 1.60. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The company’s revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) EPS. Equities analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the sale, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction 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 owns 161,511 shares in the company, valued at approximately $1,290,472.89. The trade was a 5.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,287 shares of company stock valued at $863,250 in the last three months. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Citizens Financial Group Inc. RI boosted its holdings in SoFi Technologies by 41.5% in the third quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock worth $1,892,000 after acquiring an additional 70,603 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of SoFi Technologies by 214.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock worth $30,971,000 after purchasing an additional 2,688,847 shares in the last quarter. Mount Lucas Management LP acquired a new stake in SoFi Technologies in the 3rd quarter valued at $920,000. Consolidated Investment Group LLC increased its stake in SoFi Technologies by 119.0% during the 3rd quarter. Consolidated Investment Group LLC now owns 138,000 shares of the company’s stock valued at $1,085,000 after purchasing an additional 75,000 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in SoFi Technologies by 4,252.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 88,580 shares of the company’s stock worth $585,000 after buying an additional 86,545 shares during the last quarter. 38.43% of the stock is currently owned by institutional investors.

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.