SoFi Technologies (NASDAQ:SOFI) Reaches New 52-Week High - Here's Why

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s share price hit a new 52-week high on Tuesday . The stock traded as high as $18.92 and last traded at $18.21, with a volume of 148574266 shares changing hands. The stock had previously closed at $17.18.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Citizens Jmp started coverage on SoFi Technologies in a research note on Friday, April 25th. They issued an "outperform" rating and a $17.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price target on shares of SoFi Technologies in a research report on Wednesday, April 30th. Stephens began coverage on SoFi Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $20.00 price objective for the company. JMP Securities assumed coverage on SoFi Technologies in a report on Friday, April 25th. They set a "market outperform" rating and a $17.00 target price on the stock. Finally, Truist Financial initiated coverage on shares of SoFi Technologies in a report on Monday, June 2nd. They issued a "hold" rating and a $14.00 target price on the stock. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $14.73.

SoFi Technologies Price Performance

The stock has a market capitalization of $20.49 billion, a price-to-earnings ratio of 45.20, a price-to-earnings-growth ratio of 2.99 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. The stock has a 50-day simple moving average of $14.16 and a 200 day simple moving average of $14.01.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. The company had revenue of $763.81 million for the quarter, compared to analyst estimates of $739.93 million. SoFi Technologies had a return on equity of 3.34% and a net margin of 17.21%. The business's revenue was up 32.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.02 EPS. On average, equities research analysts forecast that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other news, CTO Jeremy Rishel sold 66,847 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $15.55, for a total value of $1,039,470.85. Following the completion of the transaction, the chief technology officer owned 724,321 shares in the company, valued at approximately $11,263,191.55. This represents a 8.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kelli Keough sold 10,267 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $15.22, for a total transaction of $156,263.74. Following the completion of the sale, the executive vice president owned 255,467 shares in the company, valued at $3,888,207.74. This represents a 3.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 274,095 shares of company stock valued at $3,939,168 in the last ninety days. Company insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Skandinaviska Enskilda Banken AB publ acquired a new stake in SoFi Technologies in the 4th quarter valued at about $27,000. Hazlett Burt & Watson Inc. grew its stake in shares of SoFi Technologies by 2,200.0% during the first quarter. Hazlett Burt & Watson Inc. now owns 2,300 shares of the company's stock valued at $27,000 after purchasing an additional 2,200 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of SoFi Technologies during the first quarter valued at approximately $28,000. SVB Wealth LLC acquired a new stake in shares of SoFi Technologies in the first quarter valued at approximately $28,000. Finally, Hollencrest Capital Management bought a new position in SoFi Technologies in the 4th quarter worth approximately $31,000. 38.43% of the stock is owned by institutional investors.

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.