SoFi Technologies (NASDAQ:SOFI) Trading Up 1.8% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) rose 1.8% during trading on Thursday . The company traded as high as $16.67 and last traded at $16.28. Approximately 13,359,274 shares traded hands during trading, a decline of 71% from the average daily volume of 45,846,387 shares. The stock had previously closed at $15.99.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Barclays boosted their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Bank of America restated an “underperform” rating and set a $12.00 target price on shares of SoFi Technologies in a report on Monday, December 9th. Mizuho boosted their price target on SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Needham & Company LLC raised their price objective on SoFi Technologies from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. lifted their target price on SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.50.

SoFi Technologies Stock Up 2.7 %

The firm has a market capitalization of $17.82 billion, a price-to-earnings ratio of 164.22, a P/E/G ratio of 1.19 and a beta of 1.78. 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 company’s 50 day moving average price is $15.81 and its 200 day moving average price is $11.25.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly 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 return on equity of 3.71% and a net margin of 8.38%. During the same quarter in the previous year, the company posted $0.04 earnings per share. As a group, research analysts forecast that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 64,991 shares of the stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the transaction, the chief technology officer now owns 586,494 shares in the company, valued at approximately $9,219,685.68. This represents a 9.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bashir Ruzwana sold 52,000 shares of the business’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 value of $833,040.00. Following the completion of the sale, the director now owns 25,937 shares of the company’s stock, valued at $415,510.74. This trade represents a 66.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,008,870 shares of company stock valued at $416,950,073. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in SoFi Technologies by 214.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after purchasing an additional 2,688,847 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in SoFi Technologies in the 3rd quarter worth about $16,014,000. Zacks Investment Management purchased a new stake in SoFi Technologies during the 3rd quarter worth approximately $3,766,000. Point72 DIFC Ltd acquired a new position in shares of SoFi Technologies during the third quarter valued at approximately $3,219,000. Finally, Rockefeller Capital Management L.P. lifted its position in shares of SoFi Technologies by 20.6% in the third quarter. Rockefeller Capital Management L.P. now owns 2,209,266 shares of the company’s stock valued at $17,365,000 after acquiring an additional 376,899 shares in the last quarter. 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.