SoFi Technologies (NASDAQ:SOFI) Shares Up 2.1% on Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price rose 2.1% during trading on Friday after Morgan Stanley raised their price target on the stock from $7.50 to $13.00. Morgan Stanley currently has an underweight rating on the stock. SoFi Technologies traded as high as $15.37 and last traded at $15.35. Approximately 16,794,154 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 47,606,477 shares. The stock had previously closed at $15.03.

Other equities research analysts have also recently issued reports about the company. Bank of America reissued an “underperform” rating and issued a $12.00 target price on shares of SoFi Technologies in a research note on Monday, December 9th. JPMorgan Chase & Co. raised their target price on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Needham & Company LLC boosted their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group upped their price objective on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $11.04.

Insider Activity at SoFi Technologies

In related news, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the transaction, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This trade represents a 5.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $16.06, for a total value of $28,242,361.18. Following the completion of the transaction, the director now directly owns 482,083 shares in the company, valued at approximately $7,742,252.98. This represents a 78.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,944,667 shares of company stock worth $415,803,539 in the last 90 days. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new position in shares of SoFi Technologies during the 3rd quarter valued at $27,000. Brooklyn Investment Group bought a new position in shares of SoFi Technologies in the third quarter worth approximately $28,000. Allspring Global Investments Holdings LLC grew its holdings in SoFi Technologies by 55.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after acquiring an additional 1,543 shares during the last quarter. Waldron Private Wealth LLC purchased a new position in SoFi Technologies during the 3rd quarter valued at about $39,000. Finally, Gilliland Jeter Wealth Management LLC purchased a new position in shares of SoFi Technologies during the third quarter valued at approximately $47,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

SoFi Technologies Stock Performance

The company has a market cap of $16.69 billion, a P/E ratio of 153.82, a P/E/G ratio of 2.65 and a beta of 1.77. The business has a fifty day moving average of $13.42 and a 200 day moving average of $9.37. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The company had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. During the same quarter last year, the business posted ($0.03) EPS. The firm’s revenue for the quarter was up 29.8% compared to the same quarter last year. On average, equities analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

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.