SoFi Technologies (NASDAQ:SOFI) Sets New 1-Year High on Analyst Upgrade

Key Points

• SoFi Technologies reached a new 52-week high after Needham & Company raised its price target from $25 to $29, maintaining a buy rating.
• In the last 90 days, SoFi insiders have sold 97,959 shares, which constitutes a significant insider trading activity, indicating potential shifts in investor sentiment.
• SoFi Technologies reported a 42.8% increase in revenue year-over-year, achieving earnings of $0.08 per share, which exceeded analysts' expectations of $0.06.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) hit a new 52-week high on Wednesday after Needham & Company LLC raised their price target on the stock from $25.00 to $29.00. Needham & Company LLC currently has a buy rating on the stock. SoFi Technologies traded as high as $26.86 and last traded at $25.96, with a volume of 17053014 shares changing hands. The stock had previously closed at $25.97.

SOFI has been the subject of a number of other research reports. Stephens initiated coverage on SoFi Technologies in a report on Thursday, June 12th. They set an "overweight" rating and a $20.00 price target for the company. JMP Securities reaffirmed a "market perform" rating and issued a $17.00 target price on shares of SoFi Technologies in a report on Monday, July 14th. Rothschild & Co Redburn started coverage on SoFi Technologies in a report on Friday, August 1st. They issued a "neutral" rating and a $20.50 target price for the company. The Goldman Sachs Group started coverage on SoFi Technologies in a research report on Monday, July 14th. They issued a "neutral" rating and a $19.00 price target on the stock. Finally, Mizuho set a $26.00 price target on SoFi Technologies and gave the company an "outperform" rating in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $19.59.

Insider Activity

In related news, EVP Kelli Keough sold 10,578 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $22.13, for a total transaction of $234,091.14. Following the sale, the executive vice president owned 234,622 shares in the company, valued at $5,192,184.86. This represents a 4.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Jeremy Rishel sold 66,847 shares of the company's stock in a transaction dated 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 sale, the chief technology officer owned 724,321 shares in the company, valued at approximately $11,263,191.55. The trade was a 8.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,959 shares of company stock worth $1,653,646. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of SoFi Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. Soltis Investment Advisors LLC increased its position in shares of SoFi Technologies by 1.8% during the second quarter. Soltis Investment Advisors LLC now owns 28,436 shares of the company's stock valued at $518,000 after acquiring an additional 501 shares during the last quarter. AE Wealth Management LLC increased its position in shares of SoFi Technologies by 2.8% during the second quarter. AE Wealth Management LLC now owns 18,620 shares of the company's stock valued at $339,000 after acquiring an additional 514 shares during the last quarter. Pathway Financial Advisers LLC increased its position in shares of SoFi Technologies by 1.1% during the second quarter. Pathway Financial Advisers LLC now owns 47,319 shares of the company's stock valued at $862,000 after acquiring an additional 537 shares during the last quarter. Burney Co. increased its position in shares of SoFi Technologies by 0.4% during the second quarter. Burney Co. now owns 147,136 shares of the company's stock valued at $2,679,000 after acquiring an additional 557 shares during the last quarter. Finally, Drive Wealth Management LLC increased its position in shares of SoFi Technologies by 1.4% during the second quarter. Drive Wealth Management LLC now owns 40,546 shares of the company's stock valued at $738,000 after acquiring an additional 563 shares during the last quarter. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Stock Up 0.4%

The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $31.21 billion, a PE ratio of 54.32, a P/E/G ratio of 3.07 and a beta of 1.93. The stock has a 50-day moving average of $22.60 and a 200 day moving average of $16.38.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. SoFi Technologies had a return on equity of 4.44% and a net margin of 18.38%.The business had revenue of $519.37 million during the quarter, compared to analyst estimates of $801.94 million. During the same period in the prior year, the company earned $0.01 earnings per share. SoFi Technologies's revenue was up 42.8% compared to the same quarter last year. SoFi Technologies has set its FY 2025 guidance at 0.310-0.310 EPS. Sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

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.

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