SoFi Technologies (NASDAQ:SOFI) Stock Price Up 2.4% Following Strong Earnings

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shares were up 2.4% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $14.51 and last traded at $13.52. Approximately 92,733,402 shares were traded during mid-day trading, an increase of 98% from the average daily volume of 46,830,376 shares. The stock had previously closed at $13.20.

The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. The company had revenue of $763.81 million during the quarter, compared to analysts' expectations of $739.93 million. During the same quarter in the previous year, the company posted $0.02 EPS. The business's revenue for the quarter was up 32.7% compared to the same quarter last year.

Analyst Upgrades and Downgrades

SOFI has been the subject of several analyst reports. Dbs Bank upgraded SoFi Technologies to a "strong-buy" rating in a research report on Friday, February 21st. UBS Group upped their target price on shares of SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a research note on Wednesday. Citizens Jmp assumed coverage on shares of SoFi Technologies in a research report on Friday, April 25th. They set an "outperform" rating and a $17.00 price target on the stock. Citigroup upped their price objective on shares of SoFi Technologies from $12.50 to $18.00 and gave the company a "buy" rating in a research report on Tuesday, January 14th. Finally, JMP Securities initiated 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. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $14.38.

Insider Transactions at SoFi Technologies

In related news, CTO Jeremy Rishel sold 68,625 shares of SoFi Technologies stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the completion of the sale, the chief technology officer now directly owns 655,118 shares of the company's stock, valued at approximately $8,280,691.52. This trade represents a 9.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kelli Keough sold 11,181 shares of the company's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $10.71, for a total value of $119,748.51. Following the completion of the transaction, the executive vice president now directly owns 215,029 shares in the company, valued at approximately $2,302,960.59. This represents a 4.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 100,172 shares of company stock worth $1,271,115. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Skandinaviska Enskilda Banken AB publ bought a new stake in SoFi Technologies in the 4th quarter valued at about $27,000. Hollencrest Capital Management bought a new stake in shares of SoFi Technologies in the fourth quarter valued at approximately $31,000. Garde Capital Inc. acquired a new stake in SoFi Technologies during the first quarter worth approximately $31,000. Mpwm Advisory Solutions LLC bought a new position in SoFi Technologies during the 4th quarter worth $32,000. Finally, Larson Financial Group LLC lifted its position in shares of SoFi Technologies by 127.1% during the 1st quarter. Larson Financial Group LLC now owns 2,714 shares of the company's stock valued at $32,000 after acquiring an additional 1,519 shares during the period. 38.43% of the stock is currently owned by institutional investors and hedge funds.

SoFi Technologies Trading Up 1.5 %

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The company has a market capitalization of $13.93 billion, a price-to-earnings ratio of 34.32, a price-to-earnings-growth ratio of 2.24 and a beta of 1.86. The firm has a fifty day moving average price of $11.99 and a 200-day moving average price of $13.73.

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.