SoFi Technologies (NASDAQ:SOFI) Shares Up 0.3% Following Insider Buying Activity

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shot up 0.3% on Tuesday after an insider bought additional shares in the company. The stock traded as high as $7.18 and last traded at $7.18. 8,007,087 shares changed hands during trading, a decline of 85% from the average session volume of 53,758,680 shares. The stock had previously closed at $7.16.

Specifically, CEO Anthony Noto purchased 28,775 shares of the firm's stock in a transaction on Friday, May 3rd. The stock was purchased at an average cost of $6.90 per share, for a total transaction of $198,547.50. Following the completion of the purchase, the chief executive officer now directly owns 8,033,369 shares in the company, valued at $55,430,246.10. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the completion of the sale, the chief technology officer now owns 390,616 shares of the company's stock, valued at approximately $2,706,968.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anthony Noto purchased 28,775 shares of the stock in a transaction on Friday, May 3rd. The stock was bought at an average cost of $6.90 per share, for a total transaction of $198,547.50. Following the completion of the acquisition, the chief executive officer now owns 8,033,369 shares in the company, valued at $55,430,246.10. The disclosure for this purchase can be found here. Company insiders own 2.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. The Goldman Sachs Group raised their price target on shares of SoFi Technologies from $7.00 to $8.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 30th. Deutsche Bank Aktiengesellschaft reduced their price target on SoFi Technologies from $12.00 to $11.00 and set a "hold" rating on the stock in a research report on Tuesday, April 30th. Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 price objective on shares of SoFi Technologies in a report on Tuesday, April 30th. Citigroup initiated coverage on SoFi Technologies in a research report on Monday, April 8th. They issued a "buy" rating and a $11.00 price target on the stock. Finally, Jefferies Financial Group reduced their price objective on shares of SoFi Technologies from $15.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, March 26th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $9.08.

SoFi Technologies Stock Down 1.4 %

The stock has a fifty day moving average of $7.48 and a 200 day moving average of $7.84. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.04 and a quick ratio of 0.23. The firm has a market capitalization of $6.90 billion, a P/E ratio of -23.06 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its earnings results on Monday, April 29th. The company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.13%. The firm had revenue of $580.60 million during the quarter, compared to analyst estimates of $555.27 million. During the same quarter last year, the business earned ($0.05) earnings per share. The company's quarterly revenue was up 26.2% on a year-over-year basis. On average, research analysts anticipate that SoFi Technologies, Inc. will post 0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On SoFi Technologies

Several hedge funds have recently made changes to their positions in the stock. Wedmont Private Capital raised its holdings in shares of SoFi Technologies by 13.2% during the 4th quarter. Wedmont Private Capital now owns 12,068 shares of the company's stock valued at $120,000 after buying an additional 1,411 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of SoFi Technologies by 0.7% during the third quarter. Oppenheimer & Co. Inc. now owns 192,238 shares of the company's stock worth $1,536,000 after acquiring an additional 1,413 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of SoFi Technologies by 2.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 65,785 shares of the company's stock worth $655,000 after acquiring an additional 1,498 shares during the last quarter. Westside Investment Management Inc. boosted its stake in shares of SoFi Technologies by 93.8% in the 4th quarter. Westside Investment Management Inc. now owns 3,100 shares of the company's stock valued at $31,000 after purchasing an additional 1,500 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its stake in SoFi Technologies by 0.4% in the fourth quarter. EP Wealth Advisors LLC now owns 377,022 shares of the company's stock worth $3,751,000 after purchasing an additional 1,508 shares during the last quarter. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

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.