SoFi Technologies (NASDAQ:SOFI) Hits New 12-Month High Following Earnings Beat

Key Points

• SoFi Technologies shares reached a new 12-month high of $25.11 following a quarterly earnings report that exceeded analyst expectations, reporting $0.08 earnings per share against a consensus of $0.06.
• Analysts have increased their price targets for SoFi, with UBS raising their forecast to $15.50 and Barclays to $18.00, while the stock currently holds an average rating of "Hold" and a price target of $16.78.
• Insider trading activity is notable, with executives selling significant shares recently, which may indicate concerns about stock valuation or market conditions.

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) hit a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $25.11 and last traded at $24.20, with a volume of 67070678 shares. The stock had previously closed at $21.02.

The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. SoFi Technologies had a return on equity of 3.34% and a net margin of 17.21%. The company's quarterly revenue was up 42.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 earnings per share.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. UBS Group lifted their price objective on SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Barclays boosted their price target on SoFi Technologies from $12.00 to $18.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. TD Cowen started coverage on SoFi Technologies in a research report on Friday, July 11th. They issued a "hold" rating and a $21.00 price target for the company. Keefe, Bruyette & Woods lifted their price objective on SoFi Technologies from $9.00 to $13.00 and gave the stock an "underperform" rating in a research note on Thursday, July 10th. Finally, Cowen started coverage on SoFi Technologies in a research note on Friday, July 11th. They issued a "hold" rating on the stock. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $16.78.

Insider Buying and Selling

In related news, EVP Kelli Keough sold 10,267 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $21.80, for a total transaction of $223,820.60. Following the sale, the executive vice president directly owned 245,200 shares in the company, valued at $5,345,360. This represents a 4.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Magdalena Yesil sold 87,140 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $14.39, for a total value of $1,253,944.60. Following the sale, the director owned 289,258 shares in the company, valued at approximately $4,162,422.62. This trade represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 273,181 shares of company stock worth $4,043,240 in the last three months. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Two Sigma Advisers LP acquired a new stake in SoFi Technologies during the 4th quarter worth $299,980,000. Norges Bank acquired a new stake in SoFi Technologies during the 4th quarter worth $103,678,000. Voloridge Investment Management LLC acquired a new stake in SoFi Technologies during the 4th quarter worth $75,139,000. Nuveen LLC acquired a new stake in SoFi Technologies during the 1st quarter worth $47,616,000. Finally, First Trust Advisors LP raised its stake in SoFi Technologies by 583.6% during the 4th quarter. First Trust Advisors LP now owns 2,686,667 shares of the company's stock worth $41,375,000 after buying an additional 2,293,622 shares during the period. 38.43% of the stock is currently owned by institutional investors.

SoFi Technologies Price Performance

The company has a 50 day simple moving average of $16.88 and a 200-day simple moving average of $14.66. The stock has a market cap of $26.82 billion, a price-to-earnings ratio of 59.18, a P/E/G ratio of 3.58 and a beta of 1.91. The company has a current ratio of 0.80, a quick ratio of 0.14 and a debt-to-equity ratio of 0.46.

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.

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