SoFi Technologies (NASDAQ:SOFI) Trading 2.1% Higher – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price rose 2.1% during trading on Wednesday . The company traded as high as $15.85 and last traded at $15.81. Approximately 11,033,157 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 47,412,793 shares. The stock had previously closed at $15.49.

Wall Street Analysts Forecast Growth

SOFI has been the subject of several research analyst reports. Jefferies Financial Group upped their target price on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. The Goldman Sachs Group increased their price objective on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Barclays boosted their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Needham & Company LLC raised their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Citigroup lowered SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $9.80.

SoFi Technologies Stock Performance

The stock has a 50-day moving average of $10.90 and a 200 day moving average of $8.40. The stock has a market cap of $17.49 billion, a PE ratio of 161.22, a P/E/G ratio of 2.68 and a beta of 1.60. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, topping 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 business had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. During the same quarter in the previous year, the firm earned ($0.03) EPS. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. Equities analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Activity

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, the chief technology officer now owns 521,505 shares of the company’s stock, 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 this link. Also, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction dated 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 approximately $1,290,472.89. This represents a 5.45 % decrease in their ownership of the stock. 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 90 days. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently made changes to their positions in the stock. Citizens Financial Group Inc. RI increased its holdings in SoFi Technologies by 41.5% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock valued at $1,892,000 after purchasing an additional 70,603 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of SoFi Technologies by 214.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after buying an additional 2,688,847 shares in the last quarter. Qsemble Capital Management LP purchased a new stake in shares of SoFi Technologies in the 3rd quarter valued at $930,000. Mount Lucas Management LP acquired a new position in SoFi Technologies during the 3rd quarter worth about $920,000. Finally, Consolidated Investment Group LLC boosted its holdings 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 acquiring an additional 75,000 shares during the period. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.