SoFi Technologies (NASDAQ:SOFI) Shares Up 3.9% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI) shares rose 3.9% on Friday . The stock traded as high as $28.24 and last traded at $28.21. Approximately 78,197,491 shares changed hands during mid-day trading, an increase of 23% from the average daily volume of 63,646,484 shares. The stock had previously closed at $27.16.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SOFI. Morgan Stanley boosted their price target on SoFi Technologies from $13.00 to $18.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Citigroup increased their target price on shares of SoFi Technologies from $28.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Truist Financial raised their price target on shares of SoFi Technologies from $29.00 to $31.00 and gave the company a “hold” rating in a report on Tuesday. Jefferies Financial Group reiterated a “buy” rating and set a $35.00 price objective on shares of SoFi Technologies in a research note on Tuesday, October 28th. Finally, Needham & Company LLC increased their price objective on shares of SoFi Technologies from $29.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and a consensus price target of $25.06.

SoFi Technologies Trading Up 3.9%

The firm has a market capitalization of $33.78 billion, a price-to-earnings ratio of 52.24, a PEG ratio of 2.93 and a beta of 1.93. The business’s 50-day moving average price is $27.58 and its 200 day moving average price is $21.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.80 and a quick ratio of 0.14.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. The firm had revenue of $949.63 million for the quarter, compared to the consensus estimate of $880.33 million. SoFi Technologies had a net margin of 19.29% and a return on equity of 5.52%. The firm’s quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 EPS. SoFi Technologies has set its FY 2025 guidance at 0.370-0.370 EPS. On average, equities analysts forecast that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 98,733 shares of the firm’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $27.50, for a total transaction of $2,715,157.50. Following the completion of the sale, the chief technology officer owned 759,553 shares in the company, valued at $20,887,707.50. This trade represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kelli Keough sold 10,578 shares of SoFi Technologies stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $22.13, for a total value of $234,091.14. Following the sale, the executive vice president owned 234,622 shares in the company, valued at $5,192,184.86. This represents a 4.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 129,383 shares of company stock valued at $3,513,171 in the last three months. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Avestar Capital LLC raised its stake in shares of SoFi Technologies by 14.5% in the 3rd quarter. Avestar Capital LLC now owns 16,697 shares of the company’s stock valued at $441,000 after purchasing an additional 2,115 shares in the last quarter. NewEdge Wealth LLC acquired a new stake in SoFi Technologies during the third quarter valued at approximately $293,000. Fortis Group Advisors LLC lifted its holdings in SoFi Technologies by 94.1% during the 3rd quarter. Fortis Group Advisors LLC now owns 130,817 shares of the company’s stock worth $3,456,000 after buying an additional 63,420 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in SoFi Technologies during the 3rd quarter worth approximately $248,000. Finally, Founders Financial Alliance LLC acquired a new position in shares of SoFi Technologies in the 3rd quarter worth approximately $219,000. 38.43% of the stock is owned by institutional investors and hedge funds.

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.