SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2% - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price shot up 2% on Wednesday . The company traded as high as $17.19 and last traded at $16.99. 14,821,209 shares changed hands during trading, a decline of 69% from the average session volume of 47,497,313 shares. The stock had previously closed at $16.66.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SOFI. Barclays upped their target price on SoFi Technologies from $8.00 to $9.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. 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 report on Tuesday, November 19th. The Goldman Sachs Group upped their price target on SoFi Technologies from $7.50 to $8.50 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. 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. Finally, Jefferies Financial Group lifted their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a "buy" rating in a research report on Tuesday, October 29th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $10.50.

SoFi Technologies Price Performance

The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The company has a market capitalization of $16.54 billion, a P/E ratio of 152.42, a price-to-earnings-growth ratio of 2.65 and a beta of 1.77. The firm's 50-day moving average is $13.30 and its 200-day moving average is $9.33.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The firm had revenue of $697.10 million during the quarter, compared to analysts' expectations of $631.59 million. During the same period in the prior year, the company posted ($0.03) earnings per share. The company's revenue for the quarter was up 29.8% compared to the same quarter last year. Analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Transactions at SoFi Technologies

In other news, EVP Kelli Keough sold 9,308 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the sale, the executive vice president now directly owns 161,511 shares of the company's stock, valued at $1,290,472.89. This trade represents a 5.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bashir Ruzwana sold 52,000 shares of the firm's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $16.02, for a total value of $833,040.00. Following the completion of the sale, the director now owns 25,937 shares of the company's stock, valued at approximately $415,510.74. This represents a 66.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,012,748 shares of company stock valued at $416,356,356. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP bought a new stake in shares of SoFi Technologies during the third quarter worth $27,000. Brooklyn Investment Group purchased a new stake in SoFi Technologies in the 3rd quarter valued at about $28,000. 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 worth $29,000 after acquiring an additional 1,543 shares in the last quarter. Waldron Private Wealth LLC bought a new stake in shares of SoFi Technologies during the third quarter valued at approximately $39,000. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in shares of SoFi Technologies in the third quarter valued at approximately $47,000. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

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.