SoFi Technologies (NASDAQ:SOFI) Trading 2% Higher – Here’s What Happened

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) traded up 2% during mid-day trading on Monday . The company traded as high as $16.84 and last traded at $16.57. 17,569,275 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 47,446,926 shares. The stock had previously closed at $16.25.

Wall Street Analyst Weigh In

Several research firms recently commented on SOFI. Needham & Company LLC boosted their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group upped their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. increased their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. Finally, Bank of America restated an “underperform” rating and set a $12.00 target price on shares of SoFi Technologies in a research report on Monday, December 9th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $10.50.

SoFi Technologies Price Performance

The firm has a market cap of $18.32 billion, a PE ratio of 165.70, a price-to-earnings-growth ratio of 2.65 and a beta of 1.77. The stock’s fifty day moving average price is $12.83 and its 200-day moving average price is $9.15. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm 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 in the previous year, the company posted ($0.03) EPS. As a group, equities analysts expect that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other news, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $16.06, for a total value of $28,242,361.18. Following the completion of the transaction, the director now owns 482,083 shares of the company’s stock, valued at approximately $7,742,252.98. This trade represents a 78.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bashir Ruzwana sold 52,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 25,937 shares of the company’s stock, valued at approximately $415,510.74. The trade was a 66.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,012,748 shares of company stock valued at $416,356,356 over the last 90 days. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Comerica Bank lifted its position in shares of SoFi Technologies by 27.1% during the 1st quarter. Comerica Bank now owns 23,782 shares of the company’s stock worth $174,000 after buying an additional 5,071 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of SoFi Technologies by 783.5% in the 2nd quarter. Blue Trust Inc. now owns 8,102 shares of the company’s stock valued at $59,000 after acquiring an additional 7,185 shares during the period. Brookstone Capital Management acquired a new position in shares of SoFi Technologies in the 2nd quarter valued at $401,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of SoFi Technologies by 6.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company’s stock valued at $75,737,000 after acquiring an additional 690,638 shares during the period. Finally, Raymond James & Associates increased its holdings in shares of SoFi Technologies by 28.6% in the 2nd quarter. Raymond James & Associates now owns 520,301 shares of the company’s stock valued at $3,439,000 after acquiring an additional 115,639 shares during the period. Hedge funds and other 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.