SoFi Technologies (NASDAQ:SOFI) Trading 3% Higher - Here's What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) was up 3% on Wednesday . The stock traded as high as $13.28 and last traded at $13.11. Approximately 18,609,894 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 46,614,962 shares. The stock had previously closed at $12.73.

Analysts Set New Price Targets

Several research firms have weighed in on SOFI. Citizens Jmp initiated coverage on shares of SoFi Technologies in a report on Friday, April 25th. They issued an "outperform" rating and a $17.00 target price on the stock. UBS Group boosted their target price on SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a research note on Wednesday, April 30th. Citigroup raised their price target on SoFi Technologies from $12.50 to $18.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Barclays boosted their price objective on SoFi Technologies from $11.00 to $12.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Finally, Needham & Company LLC restated a "buy" rating and set a $20.00 target price on shares of SoFi Technologies in a report on Wednesday, April 30th. Three 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 issued a strong buy rating to the company. Based on data from MarketBeat, SoFi Technologies presently has an average rating of "Hold" and an average price target of $14.38.

SoFi Technologies Trading Down 0.6 %

The firm has a market capitalization of $14.45 billion, a PE ratio of 35.62, a P/E/G ratio of 2.24 and a beta of 1.84. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The firm has a 50 day simple moving average of $11.89 and a 200 day simple moving average of $13.85.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $0.06 earnings per share (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 firm had revenue of $763.81 million for the quarter, compared to analysts' expectations of $739.93 million. During the same period in the prior year, the company earned $0.02 EPS. The business's revenue was up 32.7% compared to the same quarter last year. Equities analysts expect that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Kelli Keough sold 11,181 shares of SoFi Technologies stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $12.72, for a total value of $142,222.32. Following the sale, the executive vice president now directly owns 226,210 shares in the company, valued at $2,877,391.20. The trade was a 4.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Jeremy Rishel sold 68,625 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $12.64, for a total transaction of $867,420.00. Following the transaction, the chief technology officer now directly owns 655,118 shares in the company, valued at $8,280,691.52. The trade was a 9.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,172 shares of company stock valued at $1,271,115. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in SoFi Technologies by 40.3% during the fourth quarter. GAMMA Investing LLC now owns 5,925 shares of the company's stock worth $91,000 after purchasing an additional 1,703 shares during the period. Brookstone Capital Management increased its position in shares of SoFi Technologies by 3.7% in the fourth quarter. Brookstone Capital Management now owns 63,137 shares of the company's stock worth $972,000 after purchasing an additional 2,268 shares during the period. Wedmont Private Capital grew its position in shares of SoFi Technologies by 23.5% in the 4th quarter. Wedmont Private Capital now owns 18,315 shares of the company's stock valued at $259,000 after buying an additional 3,486 shares during the last quarter. Cooper Financial Group increased its stake in shares of SoFi Technologies by 9.6% in the 4th quarter. Cooper Financial Group now owns 16,406 shares of the company's stock valued at $253,000 after acquiring an additional 1,443 shares in the last quarter. Finally, Miracle Mile Advisors LLC increased its position in shares of SoFi Technologies by 12.0% during the 4th quarter. Miracle Mile Advisors LLC now owns 94,431 shares of the company's stock valued at $1,454,000 after purchasing an additional 10,081 shares during the last quarter. Hedge funds and other institutional investors own 38.43% of the company's stock.

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.