SoFi Technologies (NASDAQ:SOFI) Now Covered by Analysts at Scotiabank

Key Points

• Scotiabank initiated coverage of SoFi Technologies with a “sector outperform” rating. Across analysts, the stock carries a consensus “Hold” rating and a $22.42 average price target.
• SOFI shares fell 4.6% to open at $17.05, well below the consensus target. The company recently beat quarterly earnings estimates with $0.12 EPS and reported revenue of $1.21 billion, up 42.5% year over year.
• Institutional interest increased, highlighted by BlackRock’s approximately $1.30 billion new stake, while insiders sold 136,505 shares worth about $2.42 million over the past 90 days.

Equities research analysts at Scotiabank started coverage on shares of SoFi Technologies (NASDAQ:SOFI - Get Free Report) in a report issued on Wednesday, MarketBeat.com reports. The firm set a "sector outperform" rating on the stock.

SOFI has been the topic of a number of other research reports. Mizuho cut their price target on shares of SoFi Technologies from $29.00 to $22.00 and set an "outperform" rating on the stock in a report on Friday, July 31st. Piper Sandler began coverage on shares of SoFi Technologies in a research report on Monday, August 17th. They set an "overweight" rating and a $22.00 price objective on the stock. Weiss Ratings raised shares of SoFi Technologies from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Needham & Company LLC reduced their target price on SoFi Technologies from $25.00 to $24.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Finally, Truist Financial raised their target price on SoFi Technologies from $18.00 to $19.00 and gave the stock a "hold" rating in a research report on Wednesday, August 12th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $22.42.

SoFi Technologies Trading Down 4.6%

Shares of SOFI opened at $17.05 on Wednesday. The business's 50-day moving average price is $17.85 and its 200 day moving average price is $17.49. The stock has a market capitalization of $22.02 billion, a P/E ratio of 35.52 and a beta of 2.20. SoFi Technologies has a 1-year low of $14.88 and a 1-year high of $32.73. The company has a current ratio of 0.74, a quick ratio of 0.10 and a debt-to-equity ratio of 0.30.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.11 by $0.01. SoFi Technologies had a net margin of 14.78% and a return on equity of 6.22%. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the firm earned $0.08 earnings per share. The business's quarterly revenue was up 42.5% on a year-over-year basis. SoFi Technologies has set its FY 2026 guidance at 0.600-0.600 EPS. Analysts expect that SoFi Technologies will post 0.61 earnings per share for the current year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 11,286 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $18.00, for a total value of $203,148.00. Following the completion of the sale, the executive vice president owned 356,442 shares in the company, valued at $6,415,956. This represents a 3.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jeremy Rishel sold 102,123 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $17.78, for a total transaction of $1,815,746.94. Following the completion of the sale, the chief technology officer owned 895,089 shares of the company's stock, valued at approximately $15,914,682.42. The trade was a 10.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 136,505 shares of company stock valued at $2,418,096. 2.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of SoFi Technologies in the 2nd quarter valued at approximately $1,298,925,000. North Dakota State Investment Board acquired a new position in SoFi Technologies in the fourth quarter worth approximately $1,044,000. Brighton Jones LLC raised its position in SoFi Technologies by 2.0% during the fourth quarter. Brighton Jones LLC now owns 719,288 shares of the company's stock valued at $11,077,000 after acquiring an additional 14,281 shares in the last quarter. Alberta Investment Management Corp bought a new position in SoFi Technologies during the fourth quarter valued at approximately $13,299,000. Finally, Trek Financial LLC acquired a new stake in SoFi Technologies in the fourth quarter valued at approximately $3,865,000. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

SoFi Technologies, Inc NASDAQ: SOFI is a diversified financial services company that provides consumer-focused lending, banking, investing and financial technology products. The company's core offerings include student loan refinancing and private student loans, personal loans, mortgage lending, and credit card products. In addition to credit and lending, SoFi operates consumer-facing deposit and cash management accounts, an investing and trading platform, and an insurance marketplace through partner relationships, all designed to serve individuals seeking an integrated digital financial experience.

SoFi has grown beyond direct-to-consumer lending by building technology and infrastructure capabilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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