The Goldman Sachs Group Forecasts Strong Price Appreciation for SoFi Technologies (NASDAQ:SOFI) Stock

SoFi Technologies (NASDAQ:SOFI) had its price objective boosted by The Goldman Sachs Group from $7.50 to $8.50 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target suggests a potential downside of 25.63% from the stock’s current price.

SOFI has been the topic of several other research reports. Jefferies Financial Group lifted their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods lowered their price target on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Barclays boosted their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Citigroup lowered shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Needham & Company LLC boosted their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, SoFi Technologies presently has an average rating of “Hold” and an average target price of $9.71.

SoFi Technologies Stock Performance

SOFI stock traded up $0.96 during midday trading on Wednesday, hitting $11.43. 67,576,728 shares of the stock traded hands, compared to its average volume of 46,763,930. The firm has a market cap of $12.18 billion, a P/E ratio of 113.90, a PEG ratio of 2.08 and a beta of 1.70. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.88 and a quick ratio of 0.21. The stock’s fifty day simple moving average is $8.45 and its 200-day simple moving average is $7.48. SoFi Technologies has a 1-year low of $6.01 and a 1-year high of $11.46.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The business had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. During the same quarter last year, the business earned ($0.03) earnings per share. The company’s revenue for the quarter was up 29.8% compared to the same quarter last year. On average, analysts expect that SoFi Technologies will post 0.1 earnings per share for the current year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 24,939 shares of SoFi Technologies stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the transaction, the executive vice president now directly owns 114,407 shares of the company’s stock, valued at $830,594.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Kelli Keough sold 24,939 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total value of $181,057.14. Following the sale, the executive vice president now directly owns 114,407 shares of the company’s stock, valued at approximately $830,594.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the business’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 directly owns 521,505 shares in the company, valued at $4,234,620.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,636 shares of company stock valued at $904,677 over the last ninety days. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several large investors have recently added to or reduced their stakes in SOFI. Diversified Trust Co increased its stake in SoFi Technologies by 37.3% during the 1st quarter. Diversified Trust Co now owns 25,332 shares of the company’s stock worth $185,000 after buying an additional 6,880 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in SoFi Technologies by 176.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after buying an additional 6,870,610 shares during the period. Kovack Advisors Inc. increased its stake in SoFi Technologies by 6.4% during the 1st quarter. Kovack Advisors Inc. now owns 125,315 shares of the company’s stock worth $915,000 after buying an additional 7,502 shares during the period. Marshall Financial Group LLC purchased a new stake in SoFi Technologies during the 1st quarter worth approximately $89,000. Finally, Kesler Norman & Wride LLC purchased a new stake in SoFi Technologies during the 1st quarter worth approximately $80,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Company Profile

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.