SoFi Technologies (NASDAQ:SOFI) Shares Up 0.7% After Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) shot up 0.7% on Thursday after Morgan Stanley raised their price target on the stock from $7.50 to $13.00. Morgan Stanley currently has an underweight rating on the stock. SoFi Technologies traded as high as $15.99 and last traded at $15.35. 17,465,073 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 47,627,586 shares. The stock had previously closed at $15.24.

SOFI has been the topic of a number of other reports. Mizuho boosted their price target on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Jefferies Financial Group increased their target price on shares of 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 company a “neutral” rating in a research report on Wednesday, October 30th. 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. 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 report on Monday, December 2nd. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and a consensus price target of $11.04.

Insider Transactions at SoFi Technologies

In other news, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 161,511 shares in the company, valued at approximately $1,290,472.89. The trade was a 5.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bashir Ruzwana sold 52,000 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $16.02, for a total transaction of $833,040.00. Following the completion of the transaction, the director now owns 25,937 shares of the company’s stock, valued at approximately $415,510.74. The trade was a 66.72 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,012,748 shares of company stock valued at $416,356,356. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of SoFi Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in SoFi Technologies during the 3rd quarter worth approximately $27,000. Brooklyn Investment Group acquired a new stake in shares of SoFi Technologies in the third quarter valued at approximately $28,000. Allspring Global Investments Holdings LLC grew its position in shares of 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 acquiring an additional 1,543 shares during the last quarter. Waldron Private Wealth LLC acquired a new position in shares of SoFi Technologies in the 3rd quarter valued at $39,000. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in SoFi Technologies during the 3rd quarter worth $47,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

SoFi Technologies Price Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The company has a market capitalization of $16.34 billion, a PE ratio of 150.62, a P/E/G ratio of 2.65 and a beta of 1.77. The company’s 50-day simple moving average is $13.30 and its 200-day simple moving average is $9.33.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm 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%. The business’s revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.03) earnings per share. As a group, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

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.