Needham & Company LLC Forecasts Strong Price Appreciation for SoFi Technologies (NASDAQ:SOFI) Stock

SoFi Technologies (NASDAQ:SOFI) had its target price hoisted by Needham & Company LLC from $10.00 to $13.00 in a report issued on Wednesday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on the company. Keefe, Bruyette & Woods dropped 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. Jefferies Financial Group boosted their target price on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays dropped their target price on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Finally, Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and a consensus price target of $9.71.

SoFi Technologies Stock Performance

NASDAQ SOFI opened at $11.22 on Wednesday. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. SoFi Technologies has a 52-week low of $6.01 and a 52-week high of $11.50. The business’s 50-day moving average price is $8.52 and its 200 day moving average price is $7.51. The firm has a market cap of $11.96 billion, a P/E ratio of 112.20, a P/E/G ratio of 2.08 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The firm had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. During the same quarter last year, the company posted ($0.03) earnings per share. The business’s revenue was up 29.8% on a year-over-year basis. On average, equities research analysts expect that SoFi Technologies will post 0.1 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 161,511 shares in the company, valued at approximately $1,290,472.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,636 shares of company stock worth $904,677 in the last quarter. Company 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 bought and sold shares of the stock. Diversified Trust Co lifted its stake in shares of SoFi Technologies by 37.3% during the 1st quarter. Diversified Trust Co now owns 25,332 shares of the company’s stock worth $185,000 after purchasing an additional 6,880 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of SoFi Technologies by 176.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after purchasing an additional 6,870,610 shares during the period. Kovack Advisors Inc. lifted its stake in shares of SoFi Technologies by 6.4% during the 1st quarter. Kovack Advisors Inc. now owns 125,315 shares of the company’s stock worth $915,000 after purchasing an additional 7,502 shares during the period. Marshall Financial Group LLC purchased a new position in shares of SoFi Technologies during the 1st quarter worth $89,000. Finally, Kesler Norman & Wride LLC purchased a new position in shares of SoFi Technologies during the 1st quarter worth $80,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

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.