SoFi Technologies (NASDAQ:SOFI) Stock Price Up 7.3% Following Better-Than-Expected Earnings

SoFi Technologies, Inc. (NASDAQ:SOFI) rose 7.3% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $11.28 and last traded at $11.23. Approximately 33,033,652 shares traded hands during trading, a decline of 29% from the average daily volume of 46,610,070 shares. The stock had previously closed at $10.47.

The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The company had revenue of $697.10 million during the quarter, compared to analysts’ expectations of $631.59 million. During the same quarter last year, the company earned ($0.03) EPS. SoFi Technologies’s revenue for the quarter was up 29.8% compared to the same quarter last year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SOFI shares. Needham & Company LLC upped their price objective on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays dropped their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Jefferies Financial Group upped their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday. Keefe, Bruyette & Woods reduced their price objective on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Finally, Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.58.

Insider Transactions at SoFi Technologies

In related news, EVP Kelli Keough sold 9,308 shares of SoFi Technologies stock in a transaction on Monday, October 21st. The stock was sold at an average price of $10.36, for a total transaction of $96,430.88. Following the completion of the sale, the executive vice president now owns 152,203 shares of the company’s stock, valued at approximately $1,576,823.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $10.36, for a total value of $96,430.88. Following the sale, the executive vice president now directly owns 152,203 shares of the company’s stock, valued at $1,576,823.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Jeremy Rishel sold 68,081 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,636 shares of company stock worth $904,677. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoFi Technologies

Institutional investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its stake in SoFi Technologies by 348.5% during the third quarter. QRG Capital Management Inc. now owns 256,078 shares of the company’s stock worth $2,013,000 after acquiring an additional 198,980 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of SoFi Technologies by 26.1% in the 3rd quarter. Janney Montgomery Scott LLC now owns 135,063 shares of the company’s stock worth $1,062,000 after purchasing an additional 27,958 shares in the last quarter. Symmetry Partners LLC purchased a new stake in shares of SoFi Technologies in the 3rd quarter worth approximately $411,000. Gladstone Institutional Advisory LLC increased its position in SoFi Technologies by 161.2% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 60,110 shares of the company’s stock valued at $472,000 after buying an additional 37,100 shares in the last quarter. Finally, Cigna Investments Inc. New purchased a new position in SoFi Technologies during the third quarter valued at $83,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

SoFi Technologies Stock Up 7.3 %

The firm has a market capitalization of $11.87 billion, a P/E ratio of -36.23, a P/E/G ratio of 2.08 and a beta of 1.70. The company has a fifty day simple moving average of $8.45 and a 200 day simple moving average of $7.48. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53.

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.