SoFi Technologies (NASDAQ:SOFI) Shares Climb 3.3% - Still a Buy?

Key Points

• SoFi shares rose 3.3% in mid-day trading to $16.75, on volume 37% below the average.
• Analysts have a consensus “Hold” rating and an average price target of $21.27; ratings range from one Strong Buy to three Sells.
• Recent quarterly results beat expectations: EPS was $0.18 versus $0.17 forecast, while revenue reached $1.37 billion, up 44.4% year over year.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares traded up 3.3% during mid-day trading on Monday. The company traded as high as $17.04 and last traded at $16.75. 40,304,021 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 63,676,223 shares. The stock had previously closed at $16.21.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Weiss Ratings raised shares of SoFi Technologies from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, October 21st. Mizuho dropped their price objective on shares of SoFi Technologies from $29.00 to $22.00 and set an "outperform" rating on the stock in a research report on Friday, July 31st. Monness Crespi & Hardt initiated coverage on shares of SoFi Technologies in a research report on Monday, October 26th. They issued a "buy" rating and a $20.00 price target for the company. Piper Sandler began coverage on shares of SoFi Technologies in a research note on Monday, August 17th. They set an "overweight" rating and a $22.00 target price for the company. Finally, Scotiabank reiterated a "sector outperform" rating and issued a $26.00 price objective (up from $25.00) on shares of SoFi Technologies in a research note on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $21.27.

SoFi Technologies Price Performance

The company's 50-day moving average is $16.35 and its 200-day moving average is $17.65. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.74 and a quick ratio of 0.10. The firm has a market capitalization of $21.63 billion, a price-to-earnings ratio of 30.45, a PEG ratio of 1.01 and a beta of 2.25.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.17 by $0.01. SoFi Technologies had a return on equity of 6.89% and a net margin of 15.60%. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the company posted $0.11 earnings per share. The firm's revenue was up 44.4% compared to the same quarter last year. On average, research analysts expect that SoFi Technologies, Inc. will post 0.61 earnings per share for the current year.

Insider Buying and Selling

In other SoFi Technologies news, CTO Jeremy Rishel sold 18,624 shares of the firm's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $17.50, for a total value of $325,920.00. Following the transaction, the chief technology officer owned 912,650 shares of the company's stock, valued at $15,971,375. This trade represents a 2.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kelli Keough sold 10,203 shares of the business's stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $14.72, for a total value of $150,188.16. Following the transaction, the executive vice president owned 397,870 shares of the company's stock, valued at $5,856,646.40. This represents a 2.50% 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. In the last 90 days, insiders have sold 50,316 shares of company stock valued at $852,605. 2.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SOFI. BlackRock Inc. acquired a new position in shares of SoFi Technologies in the 2nd quarter valued at about $1,298,925,000. Bank of America Corp DE acquired a new stake in shares of SoFi Technologies in the 2nd quarter valued at $163,808,000. Dimensional Fund Advisors LP boosted its stake in shares of SoFi Technologies by 4.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,106,532 shares of the company's stock worth $144,539,000 after acquiring an additional 359,785 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in SoFi Technologies during the second quarter worth approximately $93,937,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in SoFi Technologies by 4.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,925,068 shares of the company's stock valued at $88,306,000 after buying an additional 198,336 shares during the last quarter. Institutional investors own 38.43% of the company's stock.

SoFi Technologies Company Profile

SoFi Technologies, Inc is a U.S.-based digital financial services company that offers consumer lending, banking and investment products through its online platform. Its services include personal, student and home loans, deposit accounts, credit cards and investment offerings.

Founded in 2011 as Social Finance, the company initially focused on student loan refinancing before expanding into a broader range of financial services. SoFi also provides financial technology infrastructure through businesses including Galileo, which supports payment processing and other services for financial institutions and fintech companies.

SoFi primarily serves consumers in the United States.

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