SoFi Technologies (NASDAQ:SOFI) Stock Price Up 5% - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price was up 5% during trading on Tuesday . The stock traded as high as $11.19 and last traded at $11.23. Approximately 11,414,692 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 46,134,429 shares. The stock had previously closed at $10.69.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SOFI shares. Citigroup boosted their target price on shares of SoFi Technologies from $12.50 to $18.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. UBS Group upped their price objective on shares of SoFi Technologies from $10.50 to $14.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th. Dbs Bank upgraded SoFi Technologies to a "strong-buy" rating in a research report on Friday, February 21st. Citizens Jmp started coverage on SoFi Technologies in a research note on Friday. They set an "outperform" rating and a $17.00 target price for the company. Finally, Needham & Company LLC lifted their price target on shares of SoFi Technologies from $13.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $13.10.

SoFi Technologies Stock Performance

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 firm has a fifty day moving average price of $12.20 and a 200 day moving average price of $13.61. The firm has a market cap of $14.12 billion, a PE ratio of 34.81, a price-to-earnings-growth ratio of 2.24 and a beta of 1.86.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period last year, the business posted $0.04 EPS. As a group, equities research analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Jeremy Rishel sold 68,625 shares of the company's stock in a transaction that occurred 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 directly owns 655,118 shares in the company, valued at approximately $8,280,691.52. This represents a 9.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kelli Keough sold 9,185 shares of SoFi Technologies stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $15.43, for a total transaction of $141,724.55. Following the completion of the sale, the executive vice president now owns 169,626 shares of the company's stock, valued at $2,617,329.18. This trade represents a 5.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,172 shares of company stock valued at $1,271,115 in the last quarter. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SOFI. Two Sigma Advisers LP purchased a new position in SoFi Technologies during the 4th quarter valued at about $299,980,000. Vanguard Group Inc. lifted its holdings in SoFi Technologies by 9.9% during the 4th 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. Norges Bank acquired a new stake in SoFi Technologies during the 4th quarter worth approximately $103,678,000. Voloridge Investment Management LLC purchased a new position in SoFi Technologies in the 4th quarter valued at approximately $75,139,000. Finally, Amundi grew its stake in shares of SoFi Technologies by 58,176.3% in the fourth quarter. Amundi now owns 2,705,185 shares of the company's stock worth $39,360,000 after acquiring an additional 2,700,543 shares in the last quarter. 38.43% of the stock is currently 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.