SoFi Technologies (NASDAQ:SOFI) Trading 2.2% Higher - Should You Buy?

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s stock price shot up 2.2% during mid-day trading on Wednesday . The stock traded as high as $12.20 and last traded at $12.18. 9,899,490 shares were traded during trading, a decline of 78% from the average session volume of 44,962,154 shares. The stock had previously closed at $11.91.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SOFI. Dbs Bank raised SoFi Technologies to a "strong-buy" rating in a report on Friday, February 21st. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and issued a $8.00 price objective (up from $7.00) on shares of SoFi Technologies in a research note on Thursday, January 2nd. UBS Group increased their target price on shares of SoFi Technologies from $10.50 to $14.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th. Morgan Stanley boosted their price target on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an "underweight" rating in a research report on Thursday, December 19th. Finally, Needham & Company LLC upped their price objective on shares of SoFi Technologies from $13.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $12.50.

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SoFi Technologies Stock Performance

The company has a market capitalization of $10.49 billion, a price-to-earnings ratio of 25.86, a P/E/G ratio of 2.24 and a beta of 1.86. The company has a 50 day moving average price of $13.78 and a 200 day moving average price of $13.33. 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 data on Monday, January 27th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. During the same period in the previous year, the firm earned $0.04 earnings per share. Equities research analysts predict that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Jeremy Rishel sold 68,625 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total value of $867,420.00. Following the completion of the sale, the chief technology officer now directly owns 655,118 shares of the company's stock, valued at $8,280,691.52. This represents a 9.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kelli Keough sold 9,185 shares of SoFi Technologies stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $15.43, for a total value of $141,724.55. Following the transaction, the executive vice president now directly owns 169,626 shares in the company, valued at approximately $2,617,329.18. The trade was a 5.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,905 shares of company stock worth $1,308,075. Insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On SoFi Technologies

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of SoFi Technologies by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company's stock valued at $1,514,390,000 after purchasing an additional 8,898,879 shares in the last quarter. Two Sigma Advisers LP purchased a new stake in SoFi Technologies in the 4th quarter valued at about $299,980,000. State Street Corp lifted its position in shares of SoFi Technologies by 1.7% during the 3rd quarter. State Street Corp now owns 18,062,855 shares of the company's stock worth $141,974,000 after buying an additional 310,532 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of SoFi Technologies by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company's stock worth $276,288,000 after buying an additional 315,899 shares during the last quarter. Finally, Norges Bank bought a new position in shares of SoFi Technologies in the fourth quarter valued at approximately $103,678,000. 38.43% of the stock is currently owned by institutional investors.

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.