SoFi Technologies (NASDAQ:SOFI) Trading Up 2.6% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shot up 2.6% during mid-day trading on Tuesday . The company traded as high as $10.49 and last traded at $10.30. 40,674,516 shares traded hands during mid-day trading, a decline of 11% from the average session volume of 45,652,988 shares. The stock had previously closed at $10.04.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SOFI. Keefe, Bruyette & Woods cut their target price on 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 restated a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research note on Wednesday, July 31st. Finally, Barclays dropped their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, SoFi Technologies currently has an average rating of “Hold” and a consensus price target of $9.08.

SoFi Technologies Trading Down 1.7 %

The company has a debt-to-equity ratio of 0.53, a current ratio of 0.88 and a quick ratio of 0.21. The business’s 50 day moving average is $7.78 and its 200 day moving average is $7.29. The stock has a market cap of $10.43 billion, a price-to-earnings ratio of -31.29, a P/E/G ratio of 1.72 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. The firm had revenue of $598.60 million during the quarter, compared to the consensus estimate of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The company’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. As a group, equities analysts expect that SoFi Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the company’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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction on 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 in the company, valued at $4,234,620.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the transaction, the executive vice president now owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 102,328 shares of company stock worth $808,246 over the last 90 days. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in SOFI. Vanguard Group Inc. raised its holdings in shares of SoFi Technologies by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock valued at $810,527,000 after buying an additional 5,057,233 shares during the last quarter. Banque Cantonale Vaudoise raised its holdings in shares of SoFi Technologies by 16.0% in the first quarter. Banque Cantonale Vaudoise now owns 14,500 shares of the company’s stock valued at $107,000 after buying an additional 2,000 shares during the last quarter. SOA Wealth Advisors LLC. raised its holdings in shares of SoFi Technologies by 61.2% in the first quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after buying an additional 1,713 shares during the last quarter. Anderson Hoagland & Co. raised its holdings in shares of SoFi Technologies by 11.2% in the first quarter. Anderson Hoagland & Co. now owns 445,977 shares of the company’s stock valued at $3,372,000 after buying an additional 44,976 shares during the last quarter. Finally, Capital Advisors Wealth Management LLC raised its holdings in SoFi Technologies by 3.2% during the first quarter. Capital Advisors Wealth Management LLC now owns 102,513 shares of the company’s stock worth $748,000 after purchasing an additional 3,150 shares in the last quarter. 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.