SoFi Technologies (NASDAQ:SOFI) Trading 3.7% Higher Following Analyst Upgrade

SoFi Technologies, Inc. (NASDAQ:SOFI) shares shot up 3.7% during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $12.50 to $18.00. Citigroup currently has a buy rating on the stock. SoFi Technologies traded as high as $15.54 and last traded at $15.03. 17,008,487 shares changed hands during trading, a decline of 54% from the average session volume of 36,955,879 shares. The stock had previously closed at $14.50.

Several other equities research analysts have also recently commented on the stock. Bank of America reaffirmed an “underperform” rating and issued a $12.00 target price on shares of SoFi Technologies in a research report on Monday, December 9th. The Goldman Sachs Group raised their target price on SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Barclays increased their price objective on SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $8.00 target price (up previously from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Finally, Morgan Stanley lifted their price target on shares of SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a research report on Thursday, December 19th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SoFi Technologies currently has a consensus rating of “Hold” and a consensus target price of $11.71.

Insider Activity

In related news, CTO Jeremy Rishel sold 64,991 shares of SoFi Technologies stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $15.72, for a total value 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 $9,219,685.68. The trade was a 9.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $10.36, for a total value of $96,430.88. Following the completion of the transaction, the executive vice president now directly owns 152,203 shares in the company, valued at approximately $1,576,823.08. This represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,009,264 shares of company stock valued at $416,889,795 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Capital Performance Advisors LLP purchased a new stake in SoFi Technologies during the third quarter valued at approximately $27,000. Brooklyn Investment Group purchased a new stake in shares of SoFi Technologies in the 3rd quarter worth $28,000. FNY Investment Advisers LLC increased its stake in shares of SoFi Technologies by 727.1% in the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock worth $33,000 after purchasing an additional 1,905 shares in the last quarter. Waldron Private Wealth LLC bought a new position in SoFi Technologies in the 3rd quarter worth $39,000. Finally, Gilliland Jeter Wealth Management LLC purchased a new position in SoFi Technologies during the third quarter valued at $47,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

SoFi Technologies Stock Up 4.1 %

The company has a fifty day simple moving average of $15.08 and a 200-day simple moving average of $10.49. 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 firm has a market cap of $16.39 billion, a P/E ratio of 151.02, a price-to-earnings-growth ratio of 2.70 and a beta of 1.78.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The company had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same period in the prior year, the firm posted ($0.03) EPS. The firm’s quarterly revenue was up 29.8% compared to the same quarter last year. On average, equities analysts anticipate that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

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.