SoFi Technologies (NASDAQ:SOFI) Stock Price Up 6.6% – Here’s Why

SoFi Technologies, Inc. (NASDAQ:SOFI) shares shot up 6.6% on Tuesday . The company traded as high as $17.72 and last traded at $17.59. 26,712,616 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 38,293,355 shares. The stock had previously closed at $16.50.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SOFI shares. JPMorgan Chase & Co. boosted their target price on SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, December 2nd. Morgan Stanley upped their target price on SoFi Technologies from $7.50 to $13.00 and gave the company an “underweight” rating in a report on Thursday, December 19th. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $8.00 price target (up previously from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. The Goldman Sachs Group upped their price objective on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC lifted their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $11.71.

SoFi Technologies Stock Performance

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 50-day moving average price of $15.36 and a 200 day moving average price of $10.76. The firm has a market capitalization of $19.61 billion, a PE ratio of 180.67, a price-to-earnings-growth ratio of 1.12 and a beta of 1.78.

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

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 64,991 shares of SoFi Technologies stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the completion of the sale, the chief technology officer now directly owns 586,494 shares of the company’s stock, valued at $9,219,685.68. The trade was a 9.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $16.03, for a total value of $386,417,705.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,999,956 shares of company stock valued at $416,793,365. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds have recently added to or reduced their stakes in SOFI. Hanseatic Management Services Inc. purchased a new position in shares of SoFi Technologies in the 4th quarter valued at $1,116,000. Charles Schwab Investment Management Inc. boosted its stake in SoFi Technologies by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after acquiring an additional 87,097 shares in the last quarter. Zacks Investment Management purchased a new position in shares of SoFi Technologies during the third quarter worth about $3,766,000. Citizens Financial Group Inc. RI lifted its holdings in shares of SoFi Technologies by 41.5% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock valued at $1,892,000 after purchasing an additional 70,603 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in SoFi Technologies by 214.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock worth $30,971,000 after buying an additional 2,688,847 shares during the last quarter. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

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.