SoFi Technologies (NASDAQ:SOFI) Trading 2% Higher – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price rose 2% on Monday . The company traded as high as $16.84 and last traded at $16.57. Approximately 17,569,275 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 47,446,926 shares. The stock had previously closed at $16.25.

Analyst Ratings Changes

SOFI has been the topic of a number of analyst reports. Needham & Company LLC increased their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Mizuho raised their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. JPMorgan Chase & Co. raised their price target on shares of SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. Finally, Bank of America reissued an “underperform” rating and issued a $12.00 target price on shares of SoFi Technologies in a research note on Monday, December 9th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SoFi Technologies currently has an average rating of “Hold” and an average price target of $10.50.

SoFi Technologies Price Performance

The stock has a market cap of $18.32 billion, a P/E ratio of 165.70, a PEG ratio of 2.65 and a beta of 1.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The business’s fifty day moving average price is $12.83 and its 200 day moving average price is $9.15.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data 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. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The company had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. The firm’s revenue was up 29.8% compared to the same quarter last year. Sell-side analysts forecast that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other news, Director Bashir Ruzwana sold 52,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $16.02, for a total transaction of $833,040.00. Following the completion of the sale, the director now owns 25,937 shares of the company’s stock, valued at $415,510.74. This trade represents a 66.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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 sale, the executive vice president now owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This trade represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,012,748 shares of company stock valued at $416,356,356. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOFI. Capital Performance Advisors LLP purchased a new stake in SoFi Technologies in the 3rd quarter valued at about $27,000. Brooklyn Investment Group purchased a new position in SoFi Technologies in the 3rd quarter valued at approximately $28,000. Allspring Global Investments Holdings LLC grew its stake in SoFi Technologies by 55.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after buying an additional 1,543 shares in the last quarter. Waldron Private Wealth LLC purchased a new position in SoFi Technologies in the 3rd quarter valued at approximately $39,000. Finally, Gilliland Jeter Wealth Management LLC bought a new position in SoFi Technologies in the 3rd quarter valued at $47,000. Hedge funds and other 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.