SoFi Technologies (NASDAQ:SOFI) Trading Up 5.1% – Here’s Why

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) were up 5.1% during mid-day trading on Tuesday . The company traded as high as $17.11 and last traded at $17.04. Approximately 26,318,778 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 43,154,402 shares. The stock had previously closed at $16.21.

Wall Street Analysts Forecast Growth

SOFI has been the subject of several recent research reports. Barclays upped their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $8.00 target price (up previously from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. The Goldman Sachs Group raised their price target on shares of SoFi Technologies from $8.50 to $9.50 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. UBS Group boosted their price objective on SoFi Technologies from $10.50 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Finally, Needham & Company LLC raised their target price on SoFi Technologies from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, SoFi Technologies has a consensus rating of “Hold” and a consensus target price of $12.50.

SoFi Technologies Trading Up 3.8 %

The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The business has a fifty day moving average of $15.73 and a 200-day moving average of $12.08. The stock has a market capitalization of $18.26 billion, a price-to-earnings ratio of 45.49, a price-to-earnings-growth ratio of 2.04 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings data on Monday, January 27th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period in the previous year, the company posted $0.04 EPS. On average, equities analysts anticipate that SoFi Technologies, Inc. will post 0.27 earnings per share for the current fiscal year.

Insider Activity

In other SoFi Technologies news, EVP Kelli Keough sold 8,914 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $15.59, for a total transaction of $138,969.26. Following the completion of the sale, the executive vice president now directly owns 187,725 shares of the company’s stock, valued at approximately $2,926,632.75. This represents a 4.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jeremy Rishel sold 64,991 shares of SoFi Technologies stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the completion of the transaction, the chief technology officer now directly owns 586,494 shares in the company, valued at approximately $9,219,685.68. This trade represents a 9.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,008,870 shares of company stock worth $416,950,073. Insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in SoFi Technologies by 9.9% during the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company’s stock valued at $1,514,390,000 after buying an additional 8,898,879 shares during the period. Two Sigma Advisers LP purchased a new position in SoFi Technologies during the 4th quarter valued at about $299,980,000. State Street Corp increased its holdings in shares of SoFi Technologies by 1.7% in the 3rd quarter. State Street Corp now owns 18,062,855 shares of the company’s stock valued at $141,974,000 after purchasing an additional 310,532 shares during the period. Geode Capital Management LLC lifted its position in shares of SoFi Technologies by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company’s stock worth $276,288,000 after purchasing an additional 315,899 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of SoFi Technologies during the fourth quarter worth approximately $103,678,000. 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.