SoFi Technologies (NASDAQ:SOFI) Hits New 1-Year High - Here's Why

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $16.84 and last traded at $16.32, with a volume of 10055719 shares. The stock had previously closed at $16.25.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Needham & Company LLC raised their price objective on SoFi Technologies from $10.00 to $13.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Mizuho upped their price objective on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an "outperform" rating in a report on Tuesday, November 19th. Citigroup downgraded shares of SoFi Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. boosted their price target on SoFi Technologies from $9.00 to $16.00 and gave the stock a "neutral" rating in a research report on Monday, December 2nd. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $10.50.

SoFi Technologies Trading Up 3.9 %

The stock has a fifty day simple moving average of $13.00 and a 200 day simple moving average of $9.22. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The firm has a market cap of $18.32 billion, a P/E ratio of 168.80, a price-to-earnings-growth ratio of 2.65 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its quarterly earnings data 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 return on equity of 3.71% and a net margin of 8.38%. SoFi Technologies's revenue for the quarter was up 29.8% on a year-over-year basis. During the same period last year, the company earned ($0.03) EPS. On average, research analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the firm's 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 of the company's stock, valued at approximately $4,234,620.60. This trade represents a 11.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the company's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction of $96,430.88. Following the sale, the executive vice president now directly owns 152,203 shares of the company's stock, valued at $1,576,823.08. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,012,748 shares of company stock worth $416,356,356 over the last quarter. Company insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Comerica Bank lifted its position in SoFi Technologies by 27.1% during the first quarter. Comerica Bank now owns 23,782 shares of the company's stock valued at $174,000 after purchasing an additional 5,071 shares in the last quarter. Blue Trust Inc. grew its stake in shares of SoFi Technologies by 783.5% during the 2nd quarter. Blue Trust Inc. now owns 8,102 shares of the company's stock valued at $59,000 after acquiring an additional 7,185 shares during the period. Brookstone Capital Management purchased a new stake in SoFi Technologies in the 2nd quarter worth approximately $401,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in SoFi Technologies by 6.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company's stock worth $75,737,000 after acquiring an additional 690,638 shares during the period. Finally, Raymond James & Associates lifted its holdings in SoFi Technologies by 28.6% during the second quarter. Raymond James & Associates now owns 520,301 shares of the company's stock valued at $3,439,000 after purchasing an additional 115,639 shares in the last quarter. Hedge funds and other institutional investors own 38.43% of the company's stock.

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.