SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.3% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price shot up 2.3% during trading on Wednesday . The company traded as high as $12.08 and last traded at $11.52. 17,633,060 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 46,398,426 shares. The stock had previously closed at $11.26.

Analyst Ratings Changes

SOFI has been the subject of several analyst reports. Morgan Stanley raised their price objective on shares of SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a research note on Thursday, December 19th. Citigroup increased their target price on SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. The Goldman Sachs Group boosted their target price 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. Needham & Company LLC raised their price target on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Finally, William Blair reissued an “outperform” rating on shares of SoFi Technologies in a research report on Friday, January 24th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, SoFi Technologies currently has an average rating of “Hold” and a consensus price target of $12.50.

SoFi Technologies Stock Performance

The company has a market capitalization of $13.14 billion, a PE ratio of 32.31, a PEG ratio of 2.24 and a beta of 1.79. 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 business has a 50 day simple moving average of $15.07 and a 200 day simple moving average of $12.80.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates 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 firm posted $0.04 earnings per share. Equities research analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kelli Keough sold 8,914 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $17.58, for a total value of $156,708.12. Following the sale, the executive vice president now directly owns 178,811 shares of the company’s stock, valued at $3,143,497.38. This represents a 4.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bashir Ruzwana sold 52,000 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $16.02, for a total transaction of $833,040.00. Following the transaction, the director now owns 25,937 shares of the company’s stock, valued at $415,510.74. This represents a 66.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 144,004 shares of company stock valued at $2,292,100. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ purchased a new position in SoFi Technologies during the fourth quarter valued at approximately $27,000. Hollencrest Capital Management acquired a new stake in shares of SoFi Technologies during the 4th quarter worth approximately $31,000. Mpwm Advisory Solutions LLC purchased a new position in shares of SoFi Technologies during the 4th quarter valued at approximately $32,000. FNY Investment Advisers LLC lifted its stake in shares of SoFi Technologies by 727.1% in the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock valued at $33,000 after purchasing an additional 1,905 shares during the period. Finally, IAG Wealth Partners LLC purchased a new stake in SoFi Technologies during the fourth quarter worth $38,000. Institutional investors and hedge funds 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.