SoFi Technologies (NASDAQ:SOFI) Stock Price Up 1.9% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s stock price was up 1.9% during mid-day trading on Friday . The stock traded as high as $11.34 and last traded at $11.14. Approximately 22,192,008 shares traded hands during trading, a decline of 52% from the average daily volume of 45,803,227 shares. The stock had previously closed at $10.93.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SOFI. Keefe, Bruyette & Woods cut their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Barclays cut their price target on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a research note on Wednesday, July 31st. Finally, Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $9.25.

SoFi Technologies Stock Up 0.4 %

The company has a market capitalization of $11.60 billion, a price-to-earnings ratio of -35.94, a price-to-earnings-growth ratio of 1.72 and a beta of 1.70. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. The firm’s fifty day simple moving average is $8.23 and its two-hundred day simple moving average is $7.42.

SoFi Technologies (NASDAQ:SOFI) last posted its earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. The firm had revenue of $598.60 million during the quarter, compared to the consensus estimate of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) EPS. Sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $10.36, for a total value of $96,430.88. Following the transaction, the executive vice president now owns 152,203 shares of the company’s stock, valued at approximately $1,576,823.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now owns 521,505 shares in the company, valued at approximately $4,234,620.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $10.36, for a total value of $96,430.88. Following the completion of the sale, the executive vice president now directly owns 152,203 shares in the company, valued at approximately $1,576,823.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,636 shares of company stock valued at $904,677 over the last quarter. Company insiders own 2.60% of the company’s stock.

Institutional Trading of SoFi Technologies

Hedge funds have recently made changes to their positions in the company. Stratos Wealth Advisors LLC raised its holdings in SoFi Technologies by 3.3% during the third quarter. Stratos Wealth Advisors LLC now owns 32,610 shares of the company’s stock valued at $256,000 after buying an additional 1,054 shares in the last quarter. NBC Securities Inc. raised its stake in shares of SoFi Technologies by 12.7% in the 3rd quarter. NBC Securities Inc. now owns 9,581 shares of the company’s stock valued at $75,000 after acquiring an additional 1,081 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in SoFi Technologies by 55.3% during the second 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 period. Pegasus Asset Management Inc. grew its holdings in SoFi Technologies by 1.4% during the third quarter. Pegasus Asset Management Inc. now owns 112,951 shares of the company’s stock valued at $888,000 after purchasing an additional 1,607 shares during the last quarter. Finally, Kennedy Investment Group raised its position in shares of SoFi Technologies by 1.6% in the third quarter. Kennedy Investment Group now owns 118,000 shares of the company’s stock valued at $927,000 after purchasing an additional 1,900 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.