SoFi Technologies (NASDAQ:SOFI) Trading Up 0.7% on Analyst Upgrade

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) were up 0.7% during trading on Thursday 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 $15.99 and last traded at $15.35. Approximately 17,465,073 shares were traded during trading, a decline of 63% from the average daily volume of 47,627,586 shares. The stock had previously closed at $15.24.

Other analysts also recently issued research reports about the stock. Needham & Company LLC lifted their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. The Goldman Sachs Group boosted their price objective on SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Barclays increased their target price on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Jefferies Financial Group boosted their price target on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Finally, Bank of America reiterated an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a research report on Monday, December 9th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $11.04.

Insider Activity

In related news, CTO Jeremy Rishel sold 64,991 shares of the stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the sale, the chief technology officer now owns 586,494 shares in the company, valued at approximately $9,219,685.68. This trade represents a 9.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $16.03, for a total transaction of $386,417,705.24. The disclosure for this sale can be found here. In the last three months, insiders sold 26,009,658 shares of company stock worth $416,825,197. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of SoFi Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of SoFi Technologies by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock worth $48,306,000 after acquiring an additional 87,097 shares during the last quarter. Zacks Investment Management acquired a new position in SoFi Technologies during the 3rd quarter worth approximately $3,766,000. Citizens Financial Group Inc. RI lifted its stake in SoFi Technologies by 41.5% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock valued at $1,892,000 after purchasing an additional 70,603 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in SoFi Technologies by 214.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after buying an additional 2,688,847 shares in the last quarter. Finally, Qsemble Capital Management LP bought a new stake in shares of SoFi Technologies during the third quarter worth $930,000. 38.43% of the stock is currently owned by institutional investors.

SoFi Technologies Stock Up 2.1 %

The company has a market capitalization of $16.66 billion, a price-to-earnings ratio of 153.52, a P/E/G ratio of 2.65 and a beta of 1.77. 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 firm’s fifty day moving average price is $13.55 and its 200-day moving average price is $9.43.

SoFi Technologies (NASDAQ:SOFI) last issued its 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 return on equity of 3.71% and a net margin of 8.38%. The business had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. During the same quarter in the prior year, the firm earned ($0.03) EPS. The business’s revenue for the quarter was up 29.8% compared to the same quarter last year. Sell-side analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

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.