SoFi Technologies (NASDAQ:SOFI) Trading 2% Higher - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s stock price was up 2% during trading on Monday . The stock traded as high as $16.84 and last traded at $16.57. Approximately 17,569,275 shares traded hands during trading, a decline of 63% from the average daily volume of 47,446,926 shares. The stock had previously closed at $16.25.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. upped their target price on SoFi Technologies from $9.00 to $16.00 and gave the company a "neutral" rating in a research report on Monday, December 2nd. Needham & Company LLC boosted their price target on SoFi Technologies from $10.00 to $13.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Citigroup cut SoFi Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 18th. Mizuho upped their target price on SoFi Technologies from $14.00 to $16.00 and gave the company an "outperform" rating in a research report on Tuesday, November 19th. Finally, The Goldman Sachs Group increased their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $10.50.

SoFi Technologies Stock Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The firm has a market capitalization of $18.32 billion, a PE ratio of 168.80, a price-to-earnings-growth ratio of 2.65 and a beta of 1.77. The firm's 50 day moving average price is $13.00 and its 200-day moving average price is $9.22.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. 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 3.71% and a net margin of 8.38%. The company had revenue of $697.10 million for the quarter, compared to the consensus estimate of $631.59 million. During the same quarter in the prior year, the business posted ($0.03) earnings per share. SoFi Technologies's revenue for the quarter was up 29.8% on a year-over-year basis. On average, research analysts expect that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Insider Activity at SoFi Technologies

In other news, EVP Eric Schuppenhauer acquired 30,600 shares of SoFi Technologies stock in a transaction that occurred on Monday, December 16th. The stock was purchased at an average cost of $16.34 per share, with a total value of $500,004.00. Following the purchase, the executive vice president now owns 46,105 shares in the company, valued at $753,355.70. This trade represents a 197.36 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the transaction, the executive vice president now owns 161,511 shares in the company, valued at $1,290,472.89. The trade was a 5.45 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,012,748 shares of company stock valued at $416,356,356. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds and other institutional investors have recently modified their holdings of SOFI. Dimensional Fund Advisors LP grew its stake in SoFi Technologies by 263.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company's stock valued at $86,478,000 after acquiring an additional 9,482,683 shares in the last quarter. Marshall Wace LLP grew its position in shares of SoFi Technologies by 130.0% in the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company's stock valued at $42,026,000 after purchasing an additional 3,593,464 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of SoFi Technologies by 214.9% in 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 last quarter. Mizuho Markets Americas LLC lifted its position in SoFi Technologies by 403.4% during the second quarter. Mizuho Markets Americas LLC now owns 3,045,737 shares of the company's stock worth $20,132,000 after buying an additional 2,440,745 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in SoFi Technologies during the third quarter worth approximately $16,014,000. 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.