SoFi Technologies (NASDAQ:SOFI) Shares Up 2.7% Following Insider Buying Activity

SoFi Technologies, Inc. (NASDAQ:SOFI) shares shot up 2.7% during trading on Monday following insider buying activity. The stock traded as high as $7.27 and last traded at $7.15. 25,527,049 shares were traded during trading, a decline of 53% from the average session volume of 53,993,969 shares. The stock had previously closed at $6.96.

Specifically, CEO Anthony Noto bought 28,775 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was acquired at an average cost of $6.90 per share, for a total transaction of $198,547.50. Following the completion of the purchase, the chief executive officer now owns 8,033,369 shares of the company’s stock, valued at $55,430,246.10. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other SoFi Technologies news, CEO Anthony Noto acquired 28,775 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was acquired at an average cost of $6.90 per share, with a total value of $198,547.50. Following the acquisition, the chief executive officer now directly owns 8,033,369 shares of the company’s stock, valued at approximately $55,430,246.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total value of $389,971.89. Following the transaction, the chief technology officer now owns 390,616 shares in the company, valued at $2,706,968.88. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft dropped their price objective on SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a research note on Tuesday, April 30th. Jefferies Financial Group reduced their price objective on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th. Wedbush reissued an “underperform” rating and issued a $3.00 target price on shares of SoFi Technologies in a research note on Tuesday, April 30th. Mizuho lowered their price objective on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Finally, Citigroup assumed coverage on SoFi Technologies in a research report on Monday, April 8th. They issued a “buy” rating and a $11.00 price target on the stock. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $9.08.

SoFi Technologies Price Performance

The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.23 and a current ratio of 1.04. The company has a fifty day moving average price of $7.51 and a two-hundred day moving average price of $7.85. The company has a market cap of $7.03 billion, a P/E ratio of -23.06 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. SoFi Technologies had a positive return on equity of 1.13% and a negative net margin of 8.21%. The company had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. During the same quarter in the prior year, the business posted ($0.05) EPS. The business’s revenue was up 26.2% compared to the same quarter last year. On average, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Clarity Capital Partners LLC lifted its holdings in SoFi Technologies by 14.0% during the 1st quarter. Clarity Capital Partners LLC now owns 386,318 shares of the company’s stock valued at $2,820,000 after purchasing an additional 47,324 shares during the last quarter. Chevy Chase Trust Holdings LLC increased its position in SoFi Technologies by 28.9% during the 1st quarter. Chevy Chase Trust Holdings LLC now owns 13,335 shares of the company’s stock worth $97,000 after buying an additional 2,989 shares during the period. GSA Capital Partners LLP increased its position in SoFi Technologies by 43.6% during the 1st quarter. GSA Capital Partners LLP now owns 67,562 shares of the company’s stock worth $493,000 after buying an additional 20,513 shares during the period. Nikko Asset Management Americas Inc. increased its position in SoFi Technologies by 176.3% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after buying an additional 6,870,610 shares during the period. Finally, Pegasus Asset Management Inc. increased its position in SoFi Technologies by 3.7% during the 1st quarter. Pegasus Asset Management Inc. now owns 101,985 shares of the company’s stock worth $744,000 after buying an additional 3,656 shares during the period. 38.43% of the stock is currently owned by institutional investors and hedge funds.

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.