SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.2% – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) shot up 2.2% during trading on Thursday . The stock traded as high as $16.44 and last traded at $16.38. 8,949,219 shares changed hands during trading, a decline of 81% from the average session volume of 47,423,371 shares. The stock had previously closed at $16.02.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SOFI shares. Bank of America reaffirmed an “underperform” rating and issued a $12.00 target price on shares of SoFi Technologies in a report on Monday, December 9th. Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Morgan Stanley increased their target price on SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research note on Thursday, December 19th. Needham & Company LLC boosted their price target on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group increased their price objective on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $11.04.

SoFi Technologies Stock Performance

The business’s fifty day moving average is $14.15 and its 200-day moving average is $9.75. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52. The company has a market cap of $17.34 billion, a PE ratio of 159.82, a P/E/G ratio of 2.65 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $697.10 million for 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 company’s revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.03) EPS. As a group, research analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Eric Schuppenhauer purchased 30,600 shares of the business’s stock in a transaction on Monday, December 16th. The stock was acquired 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 of the company’s stock, valued at approximately $753,355.70. This represents a 197.36 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bashir Ruzwana sold 52,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $16.02, for a total value of $833,040.00. Following the sale, the director now directly owns 25,937 shares in the company, valued at approximately $415,510.74. This represents a 66.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,009,264 shares of company stock worth $416,889,795 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of SoFi Technologies

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

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.