SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.1% - Here's Why

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) rose 2.1% during mid-day trading on Friday . The stock traded as high as $15.51 and last traded at $15.32. Approximately 13,015,205 shares changed hands during trading, a decline of 73% from the average daily volume of 47,449,852 shares. The stock had previously closed at $15.01.

Wall Street Analysts Forecast Growth

SOFI has been the subject of several research reports. Citigroup cut SoFi Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 18th. The Goldman Sachs Group increased their price objective on SoFi Technologies from $7.50 to $8.50 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Barclays boosted their target price on SoFi Technologies from $8.00 to $9.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 30th. Mizuho lifted their target price on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an "outperform" rating in a research report on Tuesday. Finally, Jefferies Financial Group raised their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a "buy" rating in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, SoFi Technologies has a consensus rating of "Hold" and an average target price of $9.80.

SoFi Technologies Trading Up 4.5 %

The firm has a market capitalization of $17.02 billion, a P/E ratio of 153.22, a P/E/G ratio of 2.40 and a beta of 1.60. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The company's fifty day moving average is $10.28 and its 200-day moving average is $8.15.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The firm had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. During the same quarter last year, the firm posted ($0.03) EPS. The company's revenue was up 29.8% on a year-over-year basis. As a group, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Activity at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the transaction, the chief technology officer now owns 521,505 shares of the company's stock, valued at $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The shares were 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 owns 161,511 shares in the company, valued at approximately $1,290,472.89. This represents a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,697 shares of company stock worth $723,620 over the last three months. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SoFi Technologies

Several large investors have recently modified their holdings of SOFI. Capital Performance Advisors LLP acquired a new position in shares of SoFi Technologies in the 3rd quarter worth approximately $27,000. Brooklyn Investment Group acquired a new position in shares of SoFi Technologies in the 3rd quarter worth approximately $28,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of 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. GAMMA Investing LLC boosted its holdings in shares of SoFi Technologies by 65.3% in the 2nd quarter. GAMMA Investing LLC now owns 5,017 shares of the company's stock worth $33,000 after acquiring an additional 1,981 shares in the last quarter. Finally, Waldron Private Wealth LLC bought a new position in shares of SoFi Technologies in the third quarter worth about $39,000. 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.

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