SoFi Technologies (NASDAQ:SOFI) Stock Price Up 7.1% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares shot up 7.1% during mid-day trading on Friday . The company traded as high as $16.11 and last traded at $16.28. 20,814,383 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 42,244,480 shares. The stock had previously closed at $15.19.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SOFI. Morgan Stanley raised their price objective on shares of SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research note on Thursday, December 19th. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Jefferies Financial Group increased their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. upped their price target on SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, December 2nd. Finally, Citigroup raised their price objective on SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $12.50.

SoFi Technologies Trading Up 5.7 %

The stock has a market capitalization of $17.42 billion, a price-to-earnings ratio of 43.36, a price-to-earnings-growth ratio of 2.04 and a beta of 1.77. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The company has a fifty day moving average of $15.69 and a two-hundred day moving average of $11.82.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period in the prior year, the firm posted $0.04 EPS. On average, research analysts expect that SoFi Technologies, Inc. will post 0.27 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Kelli Keough sold 9,590 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $14.56, for a total transaction of $139,630.40. Following the transaction, the executive vice president now owns 142,613 shares in the company, valued at approximately $2,076,445.28. The trade was a 6.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 64,991 shares of the stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the completion of the sale, the chief technology officer now owns 586,494 shares of the company’s stock, valued at approximately $9,219,685.68. The trade was a 9.98 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,008,870 shares of company stock valued at $416,950,073 in the last three months. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in SoFi Technologies during the third quarter worth about $27,000. Skandinaviska Enskilda Banken AB publ bought a new stake in SoFi Technologies during the 4th quarter worth about $27,000. Brooklyn Investment Group acquired a new position in shares of SoFi Technologies during the third quarter worth approximately $28,000. Hollencrest Capital Management bought a new stake in shares of SoFi Technologies during the fourth quarter valued at approximately $31,000. Finally, FNY Investment Advisers LLC lifted its holdings in SoFi Technologies by 727.1% during the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock worth $33,000 after buying an additional 1,905 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.