SoFi Technologies (NASDAQ:SOFI) Sets New 1-Year High Following Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday after Mizuho raised their price target on the stock from $14.00 to $16.00. Mizuho currently has an outperform rating on the stock. SoFi Technologies traded as high as $14.89 and last traded at $14.65, with a volume of 6215735 shares changing hands. The stock had previously closed at $14.42.

Other research analysts have also issued reports about the company. The Goldman Sachs Group boosted their price target on SoFi Technologies from $7.50 to $8.50 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Needham & Company LLC boosted their price target on SoFi Technologies from $10.00 to $13.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Barclays upped their target price 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. Jefferies Financial Group upped their target price on SoFi Technologies from $12.00 to $13.00 and gave the company a "buy" rating in a research report on Tuesday, October 29th. Finally, Citigroup lowered SoFi Technologies from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, SoFi Technologies presently has an average rating of "Hold" and a consensus price target of $9.80.

Insider Activity

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was 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 approximately $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kelli Keough sold 24,939 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the transaction, the executive vice president now owns 114,407 shares in the company, valued at $830,594.82. This represents a 17.90 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,636 shares of company stock valued at $904,677. Company insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in SOFI. Capital Performance Advisors LLP acquired a new stake in SoFi Technologies during the third quarter worth $27,000. Brooklyn Investment Group acquired a new stake in shares of SoFi Technologies during the third quarter worth about $28,000. Allspring Global Investments Holdings LLC increased its position 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 worth $29,000 after purchasing an additional 1,543 shares in the last quarter. GAMMA Investing LLC increased its position in SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company's stock valued at $33,000 after acquiring an additional 1,981 shares during the period. Finally, Waldron Private Wealth LLC acquired a new position in SoFi Technologies in the 3rd quarter valued at about $39,000. Hedge funds and other institutional investors own 38.43% of the company's stock.

SoFi Technologies Price Performance

The company has a 50-day moving average of $10.13 and a 200-day moving average of $8.10. The stock has a market cap of $15.92 billion, a price-to-earnings ratio of 146.70, a PEG ratio of 2.27 and a beta of 1.60. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced 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. The business had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The company's quarterly revenue was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.03) EPS. As a group, equities research analysts predict that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

About SoFi Technologies

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.