SoFi Technologies (NASDAQ:SOFI) Shares Gap Up - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $9.01, but opened at $9.62. SoFi Technologies shares last traded at $9.83, with a volume of 20,046,066 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of SoFi Technologies from $7.50 to $7.00 and set a "market perform" rating for the company in a research report on Tuesday, July 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 target price on shares of SoFi Technologies in a report on Wednesday, July 31st. Finally, Barclays lowered their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $9.08.

SoFi Technologies Trading Up 11.4 %

The company has a market capitalization of $10.61 billion, a price-to-earnings ratio of -32.29, a price-to-earnings-growth ratio of 1.72 and a beta of 1.70. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The firm has a fifty day moving average price of $7.56 and a 200-day moving average price of $7.23.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The business had revenue of $598.60 million during the quarter, compared to the consensus estimate of $565.19 million. During the same period in the previous year, the business earned ($0.06) earnings per share. The company's revenue was up 20.2% on a year-over-year basis. As a group, equities analysts anticipate that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insider Activity at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,081 shares of the business's 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 transaction, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, 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 completion of the transaction, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the firm's 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 in the company, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 102,328 shares of company stock worth $808,246 over the last three months. Company insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. ORG Partners LLC bought a new position in shares of SoFi Technologies during the 1st quarter worth approximately $27,000. 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 purchasing an additional 1,543 shares during the period. SOA Wealth Advisors LLC. raised its stake in shares of SoFi Technologies by 61.2% during the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company's stock worth $33,000 after purchasing an additional 1,713 shares during the period. GAMMA Investing LLC grew its position in SoFi Technologies by 65.3% during the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company's stock valued at $33,000 after buying an additional 1,981 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new stake in SoFi Technologies during the first quarter worth about $37,000. 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.