SoFi Technologies (NASDAQ:SOFI) Shares Up 3.2% After Analyst Upgrade

Key Points

• SoFi Technologies' shares rose 3.2% after Citigroup upgraded its price target from $18.00 to $28.00, maintaining a buy rating.
• The stock has a consensus rating of "Hold" among analysts, with a target price of $19.35.
• Insider trading activity was highlighted, with executives Kelli Keough and Jeremy Rishel selling a combined total of 77,114 shares recently, indicating a reduction in their ownership stakes.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report)'s stock price shot up 3.2% during mid-day trading on Thursday after Citigroup raised their price target on the stock from $18.00 to $28.00. Citigroup currently has a buy rating on the stock. SoFi Technologies traded as high as $23.08 and last traded at $23.23. 16,595,580 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 60,241,598 shares. The stock had previously closed at $22.52.

A number of other analysts have also recently commented on the company. Citizens Jmp cut SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 14th. UBS Group boosted 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 objective on SoFi Technologies from $18.00 to $21.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Rothschild & Co Redburn started coverage on SoFi Technologies in a research report on Friday, August 1st. They issued a "neutral" rating and a $20.50 price objective for the company. Finally, Keefe, Bruyette & Woods boosted their price objective on SoFi Technologies from $13.00 to $14.00 and gave the company an "underperform" rating in a research report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $19.35.

Insider Buying and Selling

In related news, EVP Kelli Keough sold 10,267 shares of the business's 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 completion of the sale, the executive vice president directly owned 245,200 shares in the company, valued at approximately $5,345,360. The trade was a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 66,847 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was 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 of the company's stock, valued at $11,263,191.55. The trade was a 8.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 261,661 shares of company stock worth $3,889,103. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoFi Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in SoFi Technologies by 1.1% during the first quarter. Vanguard Group Inc. now owns 99,467,295 shares of the company's stock worth $1,156,805,000 after buying an additional 1,130,250 shares during the last quarter. CMG Global Holdings LLC boosted its stake in SoFi Technologies by 77.8% during the first quarter. CMG Global Holdings LLC now owns 140,389 shares of the company's stock worth $1,728,000 after buying an additional 61,443 shares during the last quarter. Nicholas Wealth LLC. acquired a new position in SoFi Technologies during the first quarter worth $993,000. Sierra Summit Advisors LLC acquired a new position in SoFi Technologies during the first quarter worth $9,715,000. Finally, NorthRock Partners LLC acquired a new position in SoFi Technologies during the first quarter worth $172,000. Institutional investors and hedge funds own 38.43% of the company's stock.

SoFi Technologies Price Performance

The stock has a 50 day simple moving average of $19.93 and a two-hundred day simple moving average of $15.41. The company has a market cap of $27.79 billion, a price-to-earnings ratio of 48.30, a price-to-earnings-growth ratio of 2.82 and a beta of 1.93. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.80 and a quick ratio of 0.14.

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