SoFi Technologies (NASDAQ:SOFI) Stock Price Up 0.8% – Still a Buy?

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price shot up 0.8% during trading on Tuesday . The company traded as high as $15.90 and last traded at $15.75. 7,466,030 shares traded hands during trading, a decline of 84% from the average session volume of 47,246,895 shares. The stock had previously closed at $15.63.

Wall Street Analysts Forecast Growth

SOFI has been the topic of several research analyst reports. Barclays upped their price objective on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Mizuho increased their price target on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Bank of America reaffirmed an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a research report on Monday, December 9th. 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 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 note on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $11.04.

SoFi Technologies Trading Down 0.4 %

The firm has a 50 day moving average of $14.26 and a 200-day moving average of $9.85. 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 has a market capitalization of $16.88 billion, a P/E ratio of 155.62, a PEG ratio of 2.70 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. SoFi Technologies’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.03) EPS. On average, equities research analysts predict that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the stock in a transaction dated 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 represents a 78.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $10.36, for a total transaction of $96,430.88. Following the sale, the executive vice president now directly owns 152,203 shares in the company, valued at $1,576,823.08. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,009,264 shares of company stock worth $416,889,795. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of SoFi Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its stake in shares of SoFi Technologies by 16.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,117,081 shares of the company’s stock valued at $20,604,000 after acquiring an additional 443,198 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in SoFi Technologies by 55.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after purchasing an additional 1,543 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in SoFi Technologies by 7.2% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 260,498 shares of the company’s stock worth $1,722,000 after purchasing an additional 17,384 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in SoFi Technologies by 15.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 222,899 shares of the company’s stock valued at $1,473,000 after purchasing an additional 29,604 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of SoFi Technologies by 14.1% during the second quarter. International Assets Investment Management LLC now owns 27,525 shares of the company’s stock valued at $182,000 after purchasing an additional 3,400 shares in the last quarter. Institutional investors and hedge funds own 38.43% of the company’s stock.

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.