SoFi Technologies (NASDAQ:SOFI) Stock Jumps 1.1% – Time to Buy?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price shot up 1.1% during mid-day trading on Friday. The company traded as high as $16.56 and last traded at $16.21. Approximately 43,959,553 shares changed hands during trading, a decline of 31% from the average session volume of 63,768,320 shares. The stock had previously closed at $16.04.

Key Stories Impacting SoFi Technologies

Here are the key news stories impacting SoFi Technologies this week:

• Positive Sentiment: Analyst sentiment has improved: SoFi received a Zacks Rank #2 (Buy), and reports cited an analyst upgrade and potential upside of about 29% based on average price targets. Positive earnings-estimate revisions may also support the outlook. Zacks rating upgrade Analyst price targets
• Positive Sentiment: SoFi’s adjusted net revenue grew 44% in its latest reported quarter, and management raised its full-year guidance. These fundamentals offer support even though the stock has surrendered its post-earnings gains and remains well below its peak. SoFi growth and guidance
• Negative Sentiment: A crypto-led sell-off has weighed on retail-focused fintech shares, including SoFi, as Bitcoin fell and investors retreated from the sector. This broader market pressure may offset company-specific optimism in the near term. Fintech sell-off
• Negative Sentiment: One recent analysis warned that SoFi’s valuation remains steep, a potential risk if growth or earnings expectations disappoint. Valuation analysis

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SOFI shares. Truist Financial increased their target price on shares of SoFi Technologies from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Tuesday. Scotiabank restated a “sector outperform” rating and issued a $26.00 price target (up from $25.00) on shares of SoFi Technologies in a report on Wednesday, October 28th. TD Cowen lifted their price target on shares of SoFi Technologies from $17.50 to $18.00 and gave the company a “hold” rating in a research note on Wednesday, October 28th. Weiss Ratings upgraded shares of SoFi Technologies from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, October 21st. Finally, Bank of America reiterated an “underperform” rating and set a $16.50 price objective on shares of SoFi Technologies in a report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, SoFi Technologies currently has an average rating of “Hold” and an average price target of $21.27.

SoFi Technologies Stock Up 1.1%

The company has a quick ratio of 0.10, a current ratio of 0.74 and a debt-to-equity ratio of 0.30. The stock has a 50 day simple moving average of $16.41 and a 200 day simple moving average of $17.69. The stock has a market cap of $20.94 billion, a price-to-earnings ratio of 29.47, a PEG ratio of 1.08 and a beta of 2.25.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.17 by $0.01. SoFi Technologies had a return on equity of 6.89% and a net margin of 15.60%. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the company posted $0.11 earnings per share. The company’s quarterly revenue was up 44.4% on a year-over-year basis. As a group, analysts expect that SoFi Technologies, Inc. will post 0.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 11,286 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $18.00, for a total transaction of $203,148.00. Following the completion of the sale, the executive vice president owned 356,442 shares in the company, valued at approximately $6,415,956. The trade was a 3.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jeremy Rishel sold 18,624 shares of the company’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $17.50, for a total transaction of $325,920.00. Following the transaction, the chief technology officer owned 912,650 shares in the company, valued at approximately $15,971,375. The trade was a 2.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 50,316 shares of company stock worth $852,605. 2.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of SoFi Technologies in the 2nd quarter worth about $1,298,925,000. Bank of America Corp DE bought a new position in SoFi Technologies in the 2nd quarter valued at about $163,808,000. D.A. Davidson & CO. boosted its stake in SoFi Technologies by 22.2% during the 1st quarter. D.A. Davidson & CO. now owns 267,848 shares of the company’s stock valued at $4,253,000 after purchasing an additional 48,682 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in SoFi Technologies by 24.7% during the 1st quarter. Illinois Municipal Retirement Fund now owns 189,849 shares of the company’s stock valued at $3,015,000 after purchasing an additional 37,554 shares during the last quarter. Finally, Wealthfront Advisers LLC acquired a new position in SoFi Technologies during the 2nd quarter valued at about $4,239,000. 38.43% of the stock is currently owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

SoFi Technologies, Inc is a digital financial services company that provides lending, banking, investing and other personal finance products through its online platform and mobile app. The company serves consumers primarily in the United States and aims to provide a centralized alternative to traditional financial institutions.

SoFi’s offerings include personal loans, student loan refinancing, home loans, checking and savings accounts, credit cards, investment products and financial education resources.