SoFi Technologies (NASDAQ:SOFI) Trading 3% Higher - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) was up 3% during mid-day trading on Friday . The stock traded as high as $11.05 and last traded at $10.98. Approximately 46,704,309 shares changed hands during mid-day trading, an increase of 1% from the average daily volume of 46,149,491 shares. The stock had previously closed at $10.66.

Analyst Ratings Changes

A number of brokerages have recently commented on SOFI. UBS Group lifted their price target on shares of SoFi Technologies from $10.50 to $14.00 and gave the stock a "neutral" rating in a report on Tuesday, January 28th. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $8.00 target price (up from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Dbs Bank raised SoFi Technologies to a "strong-buy" rating in a research note on Friday, February 21st. William Blair reaffirmed an "outperform" rating on shares of SoFi Technologies in a research note on Friday, January 24th. Finally, Needham & Company LLC raised their price target on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $12.50.

SoFi Technologies Stock Performance

The company has a 50-day simple moving average of $12.60 and a two-hundred day simple moving average of $13.52. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The firm has a market cap of $12.04 billion, a PE ratio of 29.67, a PEG ratio of 2.24 and a beta of 1.86.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its quarterly earnings data on Monday, January 27th. 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 return on equity of 3.82% and a net margin of 18.64%. During the same quarter in the previous year, the business posted $0.04 EPS. As a group, equities research analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 68,625 shares of SoFi Technologies stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $12.64, for a total value of $867,420.00. Following the transaction, the chief technology officer now owns 655,118 shares in the company, valued at $8,280,691.52. This trade represents a 9.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kelli Keough sold 8,914 shares of the company's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $17.58, for a total transaction of $156,708.12. Following the sale, the executive vice president now owns 178,811 shares of the company's stock, valued at $3,143,497.38. This represents a 4.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,905 shares of company stock worth $1,308,075. Corporate insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SoFi Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of SOFI. Vanguard Group Inc. lifted its stake in shares of SoFi Technologies by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company's stock worth $1,514,390,000 after buying an additional 8,898,879 shares in the last quarter. Two Sigma Advisers LP purchased a new stake in SoFi Technologies during the 4th quarter valued at $299,980,000. Geode Capital Management LLC raised its stake in shares of SoFi Technologies by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company's stock worth $276,288,000 after purchasing an additional 315,899 shares during the last quarter. Norges Bank bought a new position in shares of SoFi Technologies during the fourth quarter valued at $103,678,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in SoFi Technologies by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,313,617 shares of the company's stock worth $97,230,000 after buying an additional 167,780 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.