SoFi Technologies (NASDAQ:SOFI) Trading 1.2% Higher – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) shot up 1.2% during mid-day trading on Monday . The stock traded as high as $16.09 and last traded at $15.79. 21,189,004 shares traded hands during trading, a decline of 55% from the average session volume of 47,497,129 shares. The stock had previously closed at $15.60.

Analyst Ratings Changes

Several research analysts have commented on SOFI shares. Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Mizuho raised their price objective on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Jefferies Financial Group boosted their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. The Goldman Sachs Group raised their target price on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Barclays upped their price target on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.80.

SoFi Technologies Stock Performance

The firm has a 50-day simple moving average of $10.74 and a two-hundred day simple moving average of $8.34. The company has a market capitalization of $17.49 billion, a price-to-earnings ratio of 161.42, a price-to-earnings-growth ratio of 2.61 and a beta of 1.60. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last posted its 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. The company had revenue of $697.10 million during the quarter, compared to the consensus estimate 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 for the quarter was up 29.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.03) earnings per share. As a group, sell-side analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other news, CTO Jeremy Rishel sold 68,081 shares of SoFi Technologies stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. The trade was a 11.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kelli Keough sold 9,590 shares of SoFi Technologies stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $14.56, for a total transaction of $139,630.40. Following the sale, the executive vice president now owns 142,613 shares in the company, valued at $2,076,445.28. This represents a 6.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 96,287 shares of company stock worth $863,250 over the last three months. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SOFI. Russell Investments Group Ltd. raised its holdings in shares of SoFi Technologies by 341.0% in the 1st quarter. Russell Investments Group Ltd. now owns 43,624 shares of the company’s stock worth $318,000 after buying an additional 33,732 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in SoFi Technologies by 105.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 182,804 shares of the company’s stock worth $1,335,000 after acquiring an additional 93,766 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of SoFi Technologies by 7.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 535,894 shares of the company’s stock valued at $3,913,000 after acquiring an additional 37,984 shares during the period. Janus Henderson Group PLC boosted its stake in shares of SoFi Technologies by 13.7% in the 1st quarter. Janus Henderson Group PLC now owns 457,322 shares of the company’s stock valued at $3,336,000 after purchasing an additional 55,182 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of SoFi Technologies by 5.4% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 127,136 shares of the company’s stock worth $1,016,000 after purchasing an additional 6,488 shares during the last quarter. Institutional investors and hedge funds 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.