SoFi Technologies (NASDAQ:SOFI) Trading 3.2% Higher – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares shot up 3.2% during mid-day trading on Monday . The stock traded as high as $14.11 and last traded at $14.07. 13,418,675 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 47,439,961 shares. The stock had previously closed at $13.63.

Analyst Ratings Changes

A number of brokerages have commented on SOFI. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Jefferies Financial Group lifted their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Needham & Company LLC upped 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. Barclays lifted their price objective on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group increased their target price on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $9.40.

SoFi Technologies Trading Up 2.0 %

The company has a quick ratio of 0.21, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The firm has a market cap of $14.82 billion, a P/E ratio of 140.71, a PEG ratio of 2.27 and a beta of 1.60. The firm’s fifty day moving average is $9.70 and its two-hundred day moving average is $7.95.

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. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The company had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. During the same quarter in the previous year, the company earned ($0.03) earnings per share. SoFi Technologies’s quarterly revenue was up 29.8% on a year-over-year basis. Analysts predict that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction dated 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 transaction, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This trade represents a 11.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,636 shares of company stock valued at $904,677 over the last ninety days. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Institutional investors have recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in shares of SoFi Technologies in the 3rd quarter worth $27,000. Brooklyn Investment Group purchased a new stake in shares of SoFi Technologies during the 3rd quarter valued at about $28,000. Allspring Global Investments Holdings LLC raised its holdings in shares of SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after purchasing an additional 1,543 shares during the last quarter. Waldron Private Wealth LLC purchased a new stake in SoFi Technologies during the 3rd quarter valued at $39,000. Finally, GAMMA Investing LLC boosted its stake in shares of SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock worth $33,000 after buying an additional 1,981 shares during the last quarter. 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.