SoFi Technologies (NASDAQ:SOFI) Shares Up 6.6% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) shares traded up 6.6% during mid-day trading on Monday . The stock traded as high as $29.86 and last traded at $29.28. 73,606,700 shares changed hands during trading, an increase of 14% from the average session volume of 64,319,680 shares. The stock had previously closed at $27.46.

Wall Street Analysts Forecast Growth

SOFI has been the subject of a number of research reports. Citigroup raised their target price on shares of SoFi Technologies from $28.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Barclays boosted their price objective on SoFi Technologies from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. BTIG Research reiterated a “neutral” rating on shares of SoFi Technologies in a research note on Wednesday, October 29th. Needham & Company LLC lifted their price target on SoFi Technologies from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Finally, JPMorgan Chase & Co. boosted their price target on SoFi Technologies from $24.00 to $26.00 and gave the company a “neutral” rating in a research note on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $25.69.

SoFi Technologies Trading Up 6.6%

The stock has a market capitalization of $35.31 billion, a P/E ratio of 54.22 and a beta of 1.92. The company has a current ratio of 0.80, a quick ratio of 0.16 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $28.02 and a two-hundred day moving average price of $25.25.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, October 28th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. SoFi Technologies had a return on equity of 5.12% and a net margin of 19.29%.The business had revenue of $949.63 million during the quarter, compared to the consensus estimate of $880.33 million. During the same quarter in the previous year, the firm earned $0.05 earnings per share. SoFi Technologies’s revenue for the quarter was up 37.7% compared to the same quarter last year. SoFi Technologies has set its FY 2025 guidance at 0.370-0.370 EPS. On average, analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, insider Arun Pinto sold 46,132 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $24.76, for a total value of $1,142,228.32. Following the sale, the insider owned 138,396 shares of the company’s stock, valued at approximately $3,426,684.96. This trade represents a 25.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 91,837 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $26.64, for a total value of $2,446,537.68. Following the completion of the sale, the chief technology officer directly owned 794,598 shares in the company, valued at $21,168,090.72. This trade represents a 10.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 167,813 shares of company stock worth $4,403,334 over the last three months. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in SoFi Technologies by 6.8% during the third quarter. Vanguard Group Inc. now owns 107,102,212 shares of the company’s stock worth $2,829,640,000 after buying an additional 6,814,727 shares during the last quarter. State Street Corp increased its stake in SoFi Technologies by 30.7% in the third quarter. State Street Corp now owns 24,300,498 shares of the company’s stock valued at $642,019,000 after acquiring an additional 5,708,053 shares during the last quarter. Dimensional Fund Advisors LP raised its position in SoFi Technologies by 0.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,792,807 shares of the company’s stock worth $258,821,000 after purchasing an additional 67,504 shares during the period. Norges Bank bought a new stake in shares of SoFi Technologies in the 2nd quarter valued at about $164,068,000. Finally, Marshall Wace LLP lifted its stake in shares of SoFi Technologies by 88.2% in the 2nd quarter. Marshall Wace LLP now owns 7,997,146 shares of the company’s stock valued at $145,628,000 after acquiring an additional 3,748,817 shares during the last quarter. Institutional investors and hedge funds own 38.43% of the company’s stock.

About SoFi Technologies

SoFi Technologies, Inc (NASDAQ: SOFI) is a diversified financial services company that provides consumer-focused lending, banking, investing and financial technology products. The company’s core offerings include student loan refinancing and private student loans, personal loans, mortgage lending, and credit card products. In addition to credit and lending, SoFi operates consumer-facing deposit and cash management accounts, an investing and trading platform, and an insurance marketplace through partner relationships, all designed to serve individuals seeking an integrated digital financial experience.

SoFi has grown beyond direct-to-consumer lending by building technology and infrastructure capabilities.