SoFi Technologies (NASDAQ:SOFI) Stock Price Up 0.9% - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares rose 0.9% during mid-day trading on Tuesday . The company traded as high as $16.12 and last traded at $15.71. Approximately 18,574,510 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 47,469,113 shares. The stock had previously closed at $15.57.

Wall Street Analyst Weigh In

SOFI has been the topic of a number of research reports. Citigroup downgraded shares of SoFi Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, October 18th. Bank of America reaffirmed an "underperform" rating and set a $12.00 price target on shares of SoFi Technologies in a report on Monday. Needham & Company LLC lifted their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Barclays lifted their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a "neutral" rating in a 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 assigned a buy rating to the company. According to data from MarketBeat.com, SoFi Technologies presently has a consensus rating of "Hold" and a consensus price target of $10.50.

SoFi Technologies Stock Performance

The firm's 50-day moving average price is $12.19 and its 200-day moving average price is $8.90. The stock has a market cap of $16.60 billion, a P/E ratio of 154.40, a PEG ratio of 2.66 and a beta of 1.77. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18.

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

Insider Buying and Selling

In related news, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the business's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $16.06, for a total value of $28,242,361.18. Following the sale, the director now owns 482,083 shares in the company, valued at approximately $7,742,252.98. The trade was a 78.48 % 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, CTO Jeremy Rishel sold 68,081 shares of the business's stock in a transaction on Friday, September 20th. The shares were 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 $4,234,620.60. This trade represents a 11.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,960,748 shares of company stock worth $415,523,316. Insiders own 2.60% of the company's stock.

Institutional Trading of SoFi Technologies

Large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake in shares of SoFi Technologies by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company's stock valued at $48,306,000 after purchasing an additional 87,097 shares during the period. Citizens Financial Group Inc. RI boosted its stake in shares of SoFi Technologies by 41.5% during the third quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company's stock valued at $1,892,000 after purchasing an additional 70,603 shares during the period. Zacks Investment Management purchased a new stake in shares of SoFi Technologies during the third quarter valued at $3,766,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of SoFi Technologies by 214.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company's stock valued at $30,971,000 after purchasing an additional 2,688,847 shares during the period. Finally, Qsemble Capital Management LP purchased a new stake in shares of SoFi Technologies during the third quarter valued at $930,000. 38.43% of the stock is 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.

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