SoFi Technologies (NASDAQ:SOFI) Trading 3.7% Higher Following Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) traded up 3.7% on Wednesday after Citigroup raised their price target on the stock from $12.50 to $18.00. Citigroup currently has a buy rating on the stock. SoFi Technologies traded as high as $15.54 and last traded at $15.03. 17,008,487 shares changed hands during trading, a decline of 54% from the average session volume of 36,955,879 shares. The stock had previously closed at $14.50.

Several other research analysts have also commented on the stock. JPMorgan Chase & Co. raised their price objective 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. Jefferies Financial Group raised their target price on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Morgan Stanley upped their price objective on shares of 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 raised their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Bank of America reaffirmed an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a research note on Monday, December 9th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, SoFi Technologies currently has a consensus rating of “Hold” and an average price target of $11.71.

Insider Buying and Selling at SoFi Technologies

In other news, CTO Jeremy Rishel sold 64,991 shares of the business’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 completion of the sale, the chief technology officer now owns 586,494 shares in the company, valued at approximately $9,219,685.68. The trade was a 9.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $10.36, for a total transaction of $96,430.88. Following the sale, the executive vice president now owns 152,203 shares of the company’s stock, valued at approximately $1,576,823.08. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,009,264 shares of company stock worth $416,889,795. Insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Large investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in shares of SoFi Technologies by 1.7% in the third 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 boosted its holdings in SoFi Technologies by 2.1% in the third quarter. Geode Capital Management LLC now owns 17,619,084 shares of the company’s stock worth $138,523,000 after purchasing an additional 358,806 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of SoFi Technologies by 263.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after buying an additional 9,482,683 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of SoFi Technologies by 130.0% in the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after buying an additional 3,593,464 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of SoFi Technologies by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after buying an additional 87,097 shares during the last quarter. 38.43% of the stock is currently owned by institutional investors and hedge funds.

SoFi Technologies Trading Up 5.1 %

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 firm’s 50 day moving average is $15.16 and its two-hundred day moving average is $10.52. The stock has a market cap of $17.69 billion, a price-to-earnings ratio of 163.02, a price-to-earnings-growth ratio of 0.96 and a beta of 1.78.

SoFi Technologies (NASDAQ:SOFI) last posted its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The firm’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same period last year, the business posted ($0.03) earnings per share. Equities analysts anticipate 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.