SoFi Technologies (NASDAQ:SOFI) Given New $13.00 Price Target at Morgan Stanley

SoFi Technologies (NASDAQ:SOFI) had its price objective boosted by equities researchers at Morgan Stanley from $7.50 to $13.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Morgan Stanley’s price objective suggests a potential downside of 14.13% from the company’s current price.

Several other brokerages also recently commented on SOFI. Bank of America reaffirmed an “underperform” rating and set a $12.00 target price on shares of SoFi Technologies in a report on Monday, December 9th. Mizuho upped their price objective on SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Jefferies Financial Group lifted their target price on SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. The Goldman Sachs Group raised their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, SoFi Technologies has a consensus rating of “Hold” and a consensus price target of $11.04.

SoFi Technologies Stock Performance

Shares of SOFI stock traded down $0.10 on Thursday, reaching $15.14. The stock had a trading volume of 27,835,214 shares, compared to its average volume of 47,670,414. SoFi Technologies has a 12 month low of $6.01 and a 12 month high of $17.19. The firm has a market capitalization of $16.43 billion, a price-to-earnings ratio of 151.42, a P/E/G ratio of 2.65 and a beta of 1.77. The firm’s 50-day moving average is $13.30 and its two-hundred day moving average is $9.33. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, beating 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%. The business had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. During the same quarter in the prior year, the business earned ($0.03) EPS. The firm’s revenue for the quarter was up 29.8% on a year-over-year basis. On average, research analysts expect that SoFi Technologies will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other news, EVP Kelli Keough sold 9,308 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the transaction, the executive vice president now directly owns 161,511 shares in the company, valued at approximately $1,290,472.89. This represents a 5.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 11.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,012,748 shares of company stock worth $416,356,356 over the last three months. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of SOFI. Capital Performance Advisors LLP bought a new position in SoFi Technologies in the 3rd quarter valued at approximately $27,000. Brooklyn Investment Group acquired a new stake in SoFi Technologies in the third quarter valued at $28,000. Allspring Global Investments Holdings LLC raised its position in SoFi Technologies by 55.3% during 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 during the last quarter. Waldron Private Wealth LLC acquired a new position in SoFi Technologies during the 3rd quarter worth about $39,000. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in shares of SoFi Technologies in the 3rd quarter valued at about $47,000. 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.