SoFi Technologies (NASDAQ:SOFI) Trading Up 2.1% Following Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was up 2.1% 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 traded hands 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.

SOFI has been the subject of several other research reports. Mizuho upped their price target on shares of SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. 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 report on Monday, December 2nd. Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Needham & Company LLC raised their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $11.04.

Insider Activity

In related news, EVP Eric Schuppenhauer bought 30,600 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was bought at an average price of $16.34 per share, for a total transaction of $500,004.00. Following the purchase, the executive vice president now owns 46,105 shares in the company, valued at $753,355.70. This represents a 197.36 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Jeremy Rishel sold 64,991 shares of the firm’s stock in a transaction dated 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 sale, the chief technology officer now owns 586,494 shares of the company’s stock, valued at approximately $9,219,685.68. This represents a 9.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,009,658 shares of company stock valued at $416,825,197 in the last quarter. Company insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of SOFI. Raymond James & Associates raised its stake in SoFi Technologies by 28.6% in the 2nd quarter. Raymond James & Associates now owns 520,301 shares of the company’s stock worth $3,439,000 after purchasing an additional 115,639 shares in the last quarter. Tempus Wealth Planning LLC acquired a new stake in SoFi Technologies in the 2nd quarter worth about $104,000. Raymond James Trust N.A. acquired a new stake in SoFi Technologies in the 2nd quarter worth about $95,000. Bank of New York Mellon Corp raised its stake in SoFi Technologies by 16.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,117,081 shares of the company’s stock worth $20,604,000 after purchasing an additional 443,198 shares in the last quarter. Finally, Pegasus Asset Management Inc. raised its stake in SoFi Technologies by 9.2% in the 2nd quarter. Pegasus Asset Management Inc. now owns 111,344 shares of the company’s stock worth $736,000 after purchasing an additional 9,359 shares in the last quarter. Institutional investors and hedge funds own 38.43% of the company’s stock.

SoFi Technologies Stock Up 2.1 %

The firm’s 50 day simple moving average is $13.55 and its two-hundred day simple moving average is $9.43. The firm has a market cap of $16.66 billion, a price-to-earnings ratio of 153.52, a PEG ratio of 2.65 and a beta of 1.77. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The company had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The business’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.03) EPS. On average, equities analysts forecast 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.