SoFi Technologies (NASDAQ:SOFI) Shares Up 1.1% – Here’s Why

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) rose 1.1% during trading on Tuesday . The stock traded as high as $10.57 and last traded at $10.51. Approximately 11,622,266 shares traded hands during trading, a decline of 75% from the average daily volume of 45,720,230 shares. The stock had previously closed at $10.40.

Wall Street Analysts Forecast Growth

SOFI has been the subject of several research analyst reports. Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday. Keefe, Bruyette & Woods decreased their target price on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Barclays reduced their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, SoFi Technologies presently has a consensus rating of “Hold” and a consensus price target of $9.25.

SoFi Technologies Stock Performance

The company’s 50-day simple moving average is $7.99 and its 200 day simple moving average is $7.35. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. The stock has a market cap of $11.11 billion, a P/E ratio of -33.90, a PEG ratio of 1.72 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last posted its earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $565.19 million. During the same quarter last year, the firm earned ($0.06) EPS. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts expect that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insider Transactions at SoFi Technologies

In other news, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the sale, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total value of $74,370.92. Following the sale, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the completion of the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 102,328 shares of company stock worth $808,246 in the last quarter. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors have recently added to or reduced their stakes in SOFI. Dimensional Fund Advisors LP boosted its stake in shares of SoFi Technologies by 263.3% during the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock valued at $86,478,000 after purchasing an additional 9,482,683 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of SoFi Technologies by 176.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after purchasing an additional 6,870,610 shares during the last quarter. Nikko Asset Management Americas Inc. increased its holdings in SoFi Technologies by 176.3% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock valued at $78,494,000 after purchasing an additional 6,870,610 shares during the period. Marshall Wace LLP raised its position in SoFi Technologies by 130.0% during the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after purchasing an additional 3,593,464 shares during the last quarter. Finally, Mizuho Markets Americas LLC lifted its holdings in SoFi Technologies by 403.4% in the 2nd quarter. Mizuho Markets Americas LLC now owns 3,045,737 shares of the company’s stock worth $20,132,000 after buying an additional 2,440,745 shares during the period. 38.43% of the stock is currently owned by institutional investors.

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.