SoFi Technologies (NASDAQ:SOFI) Stock Price Up 4.3% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price was up 4.3% on Wednesday . The stock traded as high as $12.19 and last traded at $11.91. Approximately 25,790,533 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 46,846,848 shares. The stock had previously closed at $11.42.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods decreased their target price on shares of SoFi Technologies from $7.50 to $7.00 and set a "market perform" rating on the stock in a research report on Tuesday, July 9th. Needham & Company LLC raised their price objective on SoFi Technologies from $10.00 to $13.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. The Goldman Sachs Group lifted their price objective on SoFi Technologies from $7.50 to $8.50 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Barclays increased their target price on SoFi Technologies from $8.00 to $9.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 30th. Finally, Citigroup downgraded SoFi Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $9.32.

SoFi Technologies Trading Up 3.4 %

The firm's fifty day simple moving average is $8.81 and its 200-day simple moving average is $7.62. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88. The stock has a market cap of $12.59 billion, a P/E ratio of 118.11, a price-to-earnings-growth ratio of 1.79 and a beta of 1.60.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.01. The business had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a return on equity of 3.79% and a net margin of 8.38%. The firm's revenue for the quarter was up 29.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) earnings per share. Equities research analysts expect that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the firm's stock in a transaction 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 transaction, the executive vice president now directly owns 161,511 shares of the company's stock, valued at approximately $1,290,472.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CTO Jeremy Rishel sold 68,081 shares of the business's stock in a transaction dated 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 directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction, the executive vice president now directly owns 161,511 shares of the company's stock, valued at approximately $1,290,472.89. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,636 shares of company stock valued at $904,677. 2.60% of the stock is owned by company insiders.

Institutional Trading of SoFi Technologies

Large investors have recently bought and sold shares of the company. ORG Partners LLC purchased a new position in shares of SoFi Technologies in the first quarter valued at $27,000. Capital Performance Advisors LLP bought a new stake in shares of SoFi Technologies during the third quarter valued at about $27,000. Allspring Global Investments Holdings LLC boosted its position in shares of SoFi Technologies by 55.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company's stock valued at $29,000 after acquiring an additional 1,543 shares during the period. GAMMA Investing LLC grew its stake in SoFi Technologies by 65.3% during the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company's stock valued at $33,000 after acquiring an additional 1,981 shares in the last quarter. Finally, Waldron Private Wealth LLC bought a new stake in SoFi Technologies during the 3rd quarter worth approximately $39,000. 38.43% of the stock is owned by hedge funds and other 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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