SoFi Technologies (NASDAQ:SOFI) Shares Up 3.6% - What's Next?

Key Points

• SoFi Technologies shares rose by 3.6% to a trading price of $22.90, despite a significant decline in trading volume.
• Analysts have set a range of target prices for the stock, with estimates varying from $13.00 to $26.00, indicating a consensus rating of "Hold" and a target price of $18.29.
• The company reported $0.08 earnings per share for the last quarter, exceeding analyst expectations and reflecting a 42.8% year-over-year revenue increase.

SoFi Technologies, Inc. (NASDAQ:SOFI - Get Free Report) shot up 3.6% during trading on Monday . The stock traded as high as $23.14 and last traded at $22.90. 24,570,498 shares were traded during mid-day trading, a decline of 59% from the average session volume of 60,189,941 shares. The stock had previously closed at $22.10.

Wall Street Analysts Forecast Growth

Several research firms have commented on SOFI. Truist Financial set a $23.00 target price on shares of SoFi Technologies in a research report on Monday, August 4th. Mizuho set a $26.00 price target on shares of SoFi Technologies and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Cowen began coverage on shares of SoFi Technologies in a research note on Friday, July 11th. They issued a "hold" rating for the company. The Goldman Sachs Group began coverage on shares of SoFi Technologies in a research note on Monday, July 14th. They issued a "neutral" rating and a $19.00 price target for the company. Finally, Morgan Stanley reaffirmed an "underweight" rating and issued a $13.00 price target (up from $11.00) on shares of SoFi Technologies in a research note on Wednesday, July 30th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $18.29.

SoFi Technologies Price Performance

The stock's fifty day moving average price is $18.45 and its 200-day moving average price is $15.01. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14. The firm has a market cap of $24.85 billion, a price-to-earnings ratio of 46.84, a price-to-earnings-growth ratio of 2.74 and a beta of 1.93.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.51%. The business had revenue of $519.37 million for the quarter, compared to analyst estimates of $801.94 million. During the same quarter in the previous year, the business earned $0.01 earnings per share. The firm's revenue was up 42.8% compared to the same quarter last year. Equities research analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 11,520 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $13.38, for a total value of $154,137.60. Following the transaction, the executive vice president owned 203,509 shares in the company, valued at approximately $2,722,950.42. This represents a 5.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jeremy Rishel sold 66,847 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $15.55, for a total transaction of $1,039,470.85. Following the transaction, the chief technology officer owned 724,321 shares in the company, valued at approximately $11,263,191.55. This trade represents a 8.45% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 273,181 shares of company stock worth $4,043,240. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of SoFi Technologies

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in SoFi Technologies by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 100,287,485 shares of the company's stock valued at $1,826,235,000 after purchasing an additional 820,190 shares during the period. Midwest Professional Planners LTD. boosted its holdings in SoFi Technologies by 2.4% in the 2nd quarter. Midwest Professional Planners LTD. now owns 63,271 shares of the company's stock valued at $1,152,000 after purchasing an additional 1,494 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in SoFi Technologies by 3.7% in the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 351,268 shares of the company's stock valued at $6,397,000 after purchasing an additional 12,427 shares during the period. Citizens Financial Group Inc. RI bought a new stake in SoFi Technologies in the 2nd quarter valued at $438,000. Finally, Thoroughbred Financial Services LLC bought a new stake in SoFi Technologies in the 2nd quarter valued at $234,000. 38.43% of the stock is owned by institutional investors.

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.

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